jordan pulse -

The General Assembly of the Arab Potash Company (APC), in its annual meeting chaired by Board Chairman Eng. Shihadeh Abu Hdeib and attended by board members and CEO Dr. Maen Nsour, approved a JD100 million cash dividend distribution to shareholders—representing 120% of the company’s capital.

The meeting, held on Wednesday, was attended by shareholders representing around 98.4% of the company’s capital, along with Companies Controller Dr. Wael Armouti. The assembly also approved the board’s annual report, 2024 financial statements, and the company’s future plans.

Eng. Abu Hdeib highlighted APC’s resilience and ability to capitalise on opportunities despite global geopolitical and economic challenges, crediting its solid institutional policies and strategic planning. He noted the company’s ongoing role as a pillar of Jordan’s economy and a key player in global food security.

Abu Hdeib said APC benefited from strong Royal support in 2024, reflected in visits and the launch of JD450 million worth of projects including pumping stations, production plants, a logistics centre, and an R&D and innovation building—enhancing the company’s operational flexibility and production diversity.

He revealed that APC’s cumulative net profits between 2019 and 2024 reached $2.2 billion, crediting the company’s strategic 10-year expansion plan aiming to raise output to over 3.7 million tonnes. He added that APC, in line with Jordan’s Economic Modernisation Vision and under direct Royal support, launched a 2024–2033 growth strategy in fertilisers and derived chemicals, including plans for an integrated industrial complex in collaboration with local and global partners.

Abu Hdeib also pointed to the expanded partnership with US-based Albemarle, involving over $800 million in investment to double bromine production, positioning Jordan as a global leader in the sector and reinforcing investor confidence in both APC and Jordan’s stable investment environment.

Beyond economic achievements, Abu Hdeib highlighted APC’s social contributions, exceeding JD66 million over five years in education, healthcare, infrastructure, renewable energy, and more—underscoring its commitment to community empowerment.

He stressed that APC is entering a new phase of qualitative growth, reinforcing Jordan’s status as a global industrial hub in fertilisers and chemicals and maximising the strategic value of its natural resources.

CEO Dr. Maen Nsour echoed these sentiments, saying APC achieved solid operational, marketing, and financial results in 2024 despite global supply chain disruptions and rising shipping costs. These results, he said, were driven by long-term planning, operational agility, and smart investment.

Dr. Nsour highlighted the 2024 Royal visit to the company’s Ghor Al-Safi facilities by His Majesty King Abdullah II and Crown Prince Hussein as a sign of high-level trust in APC’s national role.

He reported a record production of 2.84 million tonnes in 2024—up 17% from 2018—with sales reaching 2.78 million tonnes, driven by successful expansion in key markets like Europe and Brazil, the latter now among APC’s top five markets globally. The company also established a wholly owned European subsidiary to boost marketing efficiency and market share in the high-return region.

Financially, APC posted JD651 million in consolidated revenues and JD184 million in profits. It contributed nearly $1.3 billion in foreign currency to Jordan’s banking system. The company also cut average potash production costs by 5% from 2023, boosting operational efficiency.

Dr. Nsour noted that APC advanced its fertiliser and chemical growth strategy last year, alongside expansions in Bromine Jordan and the development of high-value products like soluble and specialty fertilisers.

He added that APC remains committed to sustainability through 36MW renewable energy projects, water recycling initiatives, and logistics system upgrades, enhancing global competitiveness while lowering its carbon footprint.

He concluded by thanking APC employees for their efforts, as well as the unions for their continued support.