jordan pulse -
During a meeting held at Al-Husseiniya Palace,
His Majesty King Abdullah II praises the development witnessed by the Arab Potash Company in accordance with its investment plan, which is consistent with the objectives of the economic modernization vision.
His Majesty directs the government to facilitate the Arab Potash Company’s projects in the water and energy sectors, including solar energy initiatives. To enhance its competitiveness in global markets
On Tuesday, His Majesty King Abdullah II directed the government to facilitate the Arab Potash Company’s projects in the water and energy sectors, including solar energy initiatives, to enhance its competitiveness in global markets.
During a meeting held at Al-Husseiniya Palace with representatives of the Arab Potash Company, in the presence of His Highness Prince Hussein bin Abdullah II, the Crown Prince, His Majesty praised the development the company has witnessed in accordance with its investment plan, which is consistent with the goals of the economic modernization vision.
His Majesty the King called for accelerating work on expansion projects, high-value-added investments, and sustainable energy projects, which are compatible with Jordan's environmental commitments.
His Majesty stressed the importance of giving priority to sectors that achieve added economic value and provide job opportunities, stressing the importance of the work of the government and the Arab Potash Company to study cooperation and investment opportunities to develop the Risha gas field after the completion of exploration work.
His Majesty the King praised the efforts of the Arab Potash Company in attracting talent, strengthening governance, and developing new products and markets.
For his part, Prime Minister Dr. Bisher Al-Khasawneh indicated that the government is working to advance national industries and invest in the natural minerals that Jordan is rich in. He stated that the government realizes that it is necessary to provide a suitable environment for the industrial sector in general and for the Arab Potash Company in particular, in a way that enables the company to compete in global markets, based on its future projects included in its expansion plans, pointing to the main role of the mining and fertilizer sectors in the axes of the vision. Economic modernization.
Dr. Al-Khasawneh added that during his visit to the Arab Potash Company at the beginning of this year, he was closely briefed on its operations and achievements. The visit also included reviewing the projects completed by the company during the past five years and its capital expenditures. Dr. Al-Khasawneh also explained that during the visit, he participated with the company in launching its strategy for the next five years (2024-2028) and discussed with the company’s management about its future projects included in its five-year strategy, in addition to reviewing the nature of the government support required during the next stage in preparation for providing the appropriate conditions in order to support The company's global competitiveness.
Dr. Al-Khasawneh indicated that, during repeated meetings with the management of the Arab Potash Company, he was briefed on the modern approach to management and institutional governance, the optimal operations model applied in the company, and the efforts made by the management to develop human skills and capabilities, which enabled it to assume an advanced position among local and international companies and thus become a model to be emulated. It embodies the ability of the national energies that ably manage the company.
His Majesty the King listened to a presentation by the Chairman of the Company’s Board of Directors, Engineer Shehadeh Abu Hadeeb, and its CEO, Dr. Maen Al-Nsour, about the company’s most prominent achievements during the past period and its future projects. Engineer Abu Hadeeb stated that the Arab Potash Company has today become a prestigious brand on the international level and is well-regarded. With great confidence by consumers of potash in the world.
Engineer Abu Hadeeb pointed out that Arab Potash applies the highest standards of corporate governance in its various planning, administrative and manufacturing activities, which in turn led to the efficient implementation of the established plans and the achievement of qualitative results at all levels of the company’s operations. Engineer Abu Hadeeb added that the financial results achieved contributed greatly to enhancing the company’s role in the Jordanian macro economy in the past five years, as the company’s contribution to the foreign currency reserve amounted to about $7.2 billion, and its total payments to the state treasury amounted to about one billion dinars.
Engineer Abu Hadeeb pointed to the Arab Potash Company’s distinguished contribution at the societal level through its support of many development sectors with a long-term positive impact, such as education, health, environment, social work, water, cultural activities, and other sectors, in addition to working to empower the local communities in which the company operates. Engineer Abu Hadeeb explained the foundations and governance framework applied in determining the aspects of spending the company’s social responsibility allocations, which are consistent with the priorities of the Jordanian state in the socio-economic fields, and with the best international practices in this regard.
Engineer Abu Hadeeb stated that the Arab Potash Company has become a global expertise house that major international companies visit to benefit from the accumulated experience and knowledge that the company has acquired over the past decades in the fields of potash extraction and the manufacture of fertilizers and other derivative chemicals.
Engineer Abu Hadeeb also explained that the Arab Potash Company, in cooperation with the Jordanian Phosphate Mines Company, is currently studying the establishment of an integrated industrial complex that combines the potash and phosphate industries, in a way that consolidates the integration between the mining and fertilizer industries in the Kingdom.
Engineer Abu Hadeeb confirmed that the plans of the Arab Potash Company are consistent with the goals of the economic modernization vision related to the mining and fertilizer sectors, explaining that the company is closely following up with the government and concerned authorities on the stages of progress in implementing the vision’s initiatives in a way that ensures the achievement of the desired goals within the established timetable.
For his part, Dr. Al-Nsour said that the Arab Potash Company is working to implement development programs to advance the Jordanian potash industry by implementing sound strategies and feasible investment plans in accordance with the highest standards of governance. He explained that the Arab Potash Company began five years ago to implement a group of projects at a cost of About (832) million dinars will, upon completion, have a direct and positive impact on the role and position of the company in the national economy and the global fertilizer market.
Dr. Al-Nsour also provided a comprehensive summary of the company’s achievements over the past five years, pointing out that Arab Potash is currently implementing a number of expansion projects by concluding strategic partnerships to produce specialized fertilizers and chemicals with high added value such as bromine and tetrabromine.
Dr. Al-Nsour stated that the Arab Potash Company, with its distinguished human capital and experienced cadres, was able, through the application of its first strategy for the years (2019-2023), to raise the efficiency of its production operations in a way that led to achieving record numbers in production and sales quantities, in addition to diversifying the basket. The company's products are potash, which in turn led to increasing the company's market share in its traditional markets and entering new markets characterized by high returns.
Dr. Al-Nsour explained that raising the efficiency of production processes and adopting flexible and innovative marketing policies had a positive impact on the results achieved, as the net sales revenues of the Arab Potash Company during the past five years amounted to about (4.7) billion dollars, while the net profits of the Arab Potash Company in the past five years amounted to Approximately (1.4) billion dinars, noting that the company achieved record financial results in the year 2022, the highest in its history, both in terms of the level of profits and operating profits, as its net profits increased by the end of the year 2022 to reach (601) million dinars.
Dr. Al-Nsour pointed out that at the beginning of this year, the Arab Potash Company launched its second five-year strategy (2024-2028), which relies on important principles such as increasing and diversifying its products, focusing on the production of specialized fertilizers with high added value, consolidating the use of digital transformation and sustainability applications, and raising its capabilities. In the field of research, development and innovation, and benefiting from artificial intelligence technologies. Dr. Al-Nsour explained that the company is currently witnessing an important strategic transformation aimed at raising its production capacity of various types of potash to reach about (3.5) million tons by the year 2030, which will enhance its competitiveness and help expand its growing customer base globally, and thus lead to increasing its contribution to The national economy and playing an active role in achieving sustainable development in the Kingdom called for by His Majesty King Abdullah II.
The meeting was attended by the Director of His Majesty the King's Office, Dr. Jaafar Hassan, and the Minister of Energy and Mineral Resources, Dr. Saleh Al-Kharabsheh.