JPMC posts better results in 2017

AMMAN — The Jordan Phosphate Mining Company's (JPMC) has managed to cut down on losses in 2017 by almost 50 per cent to reach JD46.6 million from JD90 million in 2016, JPMC Chairman Mohammad Thneibat said on Saturday. 

This has been possible through several measures that the company has taken to deal with a“sharp” decline in the prices of phosphate and its products, he noted, according to a statement of the Jordan News Agency, Petra. 

The chairman made these remarks during the annual meeting of the company's general assembly meeting which convened on Saturday.

Thneibat said that the company’s financial results have  improved. The JPMC has increased its sales volume, as its sales of raw phosphate in 2017 reached 8.8 million tonnes, compared to 7.9 million tonnes in 2016.

In 2017, the company exported 5.2 million tonnes of phosphate, compared to 4.7 million tonnes in 2016, he noted. 

The company’s net sales stood at JD586.7 million in 2017, compared to JD549.7 million in 2016, he added.

Moreover, JPMC's general assembly approved a recommendation by the company’s board on settlements for cases unraveled by the Anti-Corruption Commission, underwhich the company will retreive JD20 million to the company, according to Petra.  The ACC has investigated several tenders and found that construction tenders were over-rated and decided that the company was entitled to these sums of money.