jordan pulse -
The Arab Potash Company announced that it achieved net profits of 52 million dinars in the first quarter of 2024, after deducting income tax, provisions, and mining fees, despite the challenges faced by the global fertilizer market. These results reflect the company’s strong financial performance and its ability to adapt to changing conditions, continuing its pivotal role in supporting the national economy and achieving global food security.
The financial statements of the Arab Potash Company showed that the company’s net revenues from potash manufacturing operations amounted to about 145 million dinars at the end of the first three months of the current year, while the operating profit from potash operations for the same period of the current year was about 51 million dinars. Commenting on these results, the Chairman of the Board of Directors of the Arab Potash Company, Engineer Shahada Abu Hudaib, said: “Achieving these quarterly results reflects the company’s capabilities and the effectiveness of its initiatives aimed at enhancing the efficiency of production operations and maintaining the high quality of the company’s products.
” Engineer Abu Hudaib added: “The global fertilizer market has experienced significant disturbances during the past period, and despite this, the Arab Potash Company has managed to overcome these challenges through its superior ability to control expenses and improve the efficiency of its production operations.”
Engineer Abu Hudaib pointed out that “Arab Potash” continued to play an active role in contributing to achieving global food security, and that the company is steadily moving towards a promising future, laying the solid foundations to move forward into the next decade and beyond, to achieve more leadership and excellence. Engineer Abu Hudaib noted that the company’s share of profits from its investments in subsidiaries, allies, and joint ventures amounted to about 13 million dinars at the end of the first quarter of the current year, explaining that the Arab Potash Company and its subsidiaries and allies are among the largest contributors to the kingdom’s hard currency reserves, which amounted to about 306 million dollars in the first three months of the current year.
For his part, the CEO of the Arab Potash Company, Dr. Maen Al-Nsour, confirmed that the company has undergone radical transformations at all its operational levels, guided by the royal directives and visions to develop national industries, especially the fertilizer and mining sectors, enabling them to compete globally.
Dr. Al-Nsour explained that the Arab Potash Company achieved record quarterly figures in terms of production volumes, the highest in the company’s history, as the company’s potash production volumes during the first quarter of the current year reached about 751 thousand tons, compared to 726 thousand tons in the same period of the previous year, with an increase of 3%, and the company managed to sell 668 thousand tons of potash by the end of the first three months of the current year, an increase of 3% over the previous year.
Dr. Al-Nsour indicated that the company continued to implement its plans aimed at reducing production costs, as it managed to reduce the average cost of producing one ton of potash by 11% at the end of the first quarter of the current year compared to the same period of the previous year, through focusing on innovation and improving the efficiency of production operations.
Dr. Al-Nsour stated that the company aims to achieve several goals by the year 2033, most notably achieving an increase in the growth of the company’s annual revenues and returns, based on the implementation of several key initiatives represented in increasing revenues from the current product portfolio, launching new specialized and derivative products, and geographical expansions in new markets and regions.
Dr. Al-Nsour mentioned that the Arab Potash Company has established its leading position in the global fertilizer market by offering a variety of high-value-added products, through adopting advanced technologies across different manufacturing stages.
Dr. Al-Nsour clarified that the major investment projects currently being implemented by the Arab Potash Company will allow the company the opportunity to expand its customer base and enter new non-traditional markets, in addition to improving its competitive position in the markets it deals with. Dr. Al-Nsour affirmed that the Arab Potash Company is committed to continuing its growth and development journey and will work to enhance its contribution to the Jordanian national economy and achieve more accomplishments.