New York Times Feed

Jordan, February 16, 2020
APC 2019 net profits up 21pct at JOD152mln

Amman, Feb. 15 (Petra) -- The Arab Potash Company (APC) posted a net post-tax, provisions and royalties, profit of JOD152 million in 2019, signaling a 21-percent jump year-on-year. In 2019, the company's net profit stood at JD125 million.

APC Board Chairman, Jamal Sarayrah, said that the company has achieved tangible improvement in terms of production costs, noting that the per-ton production cost declined by 10 percent, adding that the company managed during 2019 to access new markets, namely Brazil. In this context, he said efforts are underway to access other promising markets such as Australia.

According to Sarayrah, a former deputy prime minister, the company's direct payments to the state's treasury amounted to JD124 million, up by a major 75 percent. He said the APC and its subsidiaries and affiliates backed up the Kingdom's foreign currency reserves with about $1.1 billion in 2019.

Additionally, a total of JD11.3 million was used to finance the company's social responsibility programs that are designed to ensure the provision of sustainable education, health and public utility services across the Kingdom.

petra