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Arab Potash Company Reports JD 153 Million Net Profit by End of Q3 2024 Amid Global Challenges

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30-10-2024 04:22 PM

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Arab Potash Company (APC) announced a net profit of JD 153 million for the first nine months of 2024, reflecting strong performance despite growing economic and political volatility worldwide. After accounting for income tax, provisions, and mining fees, the company showed resilient results in the face of a challenging global landscape.

Financial data reveal that APC's consolidated net sales revenue reached approximately JD 509 million by the end of Q3, with pre-tax profits of JD 212 million, highlighting the company's operational efficiency and competitive edge in the global fertilizer market.

APC’s investment activities also bolstered its profits, with a JD 26 million gain from its stake in associated companies by the end of Q3.

APC's Chairman, Engineer Shihadeh Abu Hdeib, stated that these positive results underscore APC's adaptability to global fertilizer market fluctuations, particularly in the potash sector. He emphasized that APC has navigated geopolitical tensions and the Red Sea crisis, which have disrupted supply chains, through a flexible strategy focused on cost control and operational efficiency.

Additionally, APC and its subsidiaries have contributed nearly USD 996 million in foreign currency reserves to Jordan in the first nine months of 2024, reinforcing their role as key partners in the national economy.

Abu Hdeib highlighted APC’s commitment to global food security by supplying high-quality potash to numerous countries and expanding into new markets while maintaining traditional ones. He credited Jordan's supportive regulatory environment for the fertilizer and chemical sectors, fostered by government efforts, as vital for APC's continued success.

APC’s CEO, Dr. Maen Nsour, discussed the company’s expansion plans aimed at broadening its customer base and entering non-traditional markets. These initiatives represent a significant step in APC's growth journey and strengthen its competitive stance globally.

Dr. Nsour also affirmed APC’s commitment to enhancing production capacity through substantial investments, which will expand its product range and meet increasing potash demand. He noted that APC achieved record potash production, reaching 2.2 million tonnes by the end of Q3, with full sales of its output by the end of September. Production costs per tonne dropped by 5% year-on-year due to innovative strategies and improved operational efficiency.

In line with its vision to advance Jordan's chemical industry, APC has initiated discussions with local companies on manufacturing value-added products from Jordan’s abundant potash and phosphate resources, aligning with the economic modernization roadmap and King Abdullah II’s vision for national industrial integration.



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