APC net profit reaches JD296m in H1

AMMAN — The Arab Potash Company (APC) net profit for the first half of 2022 amounted to JD296 million compared to around JD80 million in the same period of 2021, recording a 267 per cent increase, the Jordan News Agency, Petra, reported on Saturday.

According to APC Chairman Shehadeh Abu Hdeib the company’s operational profit grew by 458 per cent by the first six months of 2022, reaching around JD352 million compared to JD63 million in the same period of the previous year. 

The APC highlighted the "sound performance" of affiliate and subsidiary companies, including the Jordan Bromine Company, and the Arab Fertilisers and Chemicals Industries Ltd.

APC’s share of the profits of these companies increased by 49 per cent, reaching about JD61 million. 

Abu Hdeib stressed the importance of fertilisers produced by APC due to its relation to global food security.

He explained that food challenges as well as geopolitical concerns increased the demand for fertilisers.

Moreover, the company seeks to advance the Jordanian mining sector by fostering research in this area which would reflect positively on the level of the company’s operations, its subsidiaries and affiliated companies, he added.

However, the business still faces several challenges, he said, including the "high cost" of energy, water shortage and the need to develop products with high added value.

APC CEO Maen Nsour attributed the increase in the APC’s profits to producing new types of potash fertilisers, applying up-to-date marketing policies, increasing the efficiency of the production process, and managing production costs in a manner that ensures the company's competitiveness.