JPMC recorded operational profits of JD1.058b in 2022

AMMAN — The Jordan Phosphate Mines Company (JPMC) in 2022 realised "record" total operational profits of JD1.058 billion, marking an increase of 96 per cent compared with 2021, JPMC Chairman Mohammed Thneibat said on Wednesday.

Thneibat said that the company achieved JD964 million as pre-tax profits in 2022, and net post-tax profits of JD735.682 million, including 2 per cent allocated as a production allowance for employees, the Jordan News Agency, Petra, reported.

The chairman said that the JPMC's contribution to the commercial balance and payment balance stood at $3.085 billion, noting that the company's contribution to supporting the Treasury with taxes, mining revenues and fees stood at JD350 million. 

Thneibat noted that in 2022, the company managed to achieve the highest production of phosphate since its establishment, reaching some 11.3 million tonnes. Sales reached 10.8 million tonnes, and fertiliser sales increased to 724,200 tonnes, he said.

For his part, JPMC CEO Abdelwahab Rawad said that the report showed an improvement in the performance of subsidiaries and allies, referring to high quantities of production of the Indian-Jordanian Chemical Company fully owned by JPMC, reaching 308,000 tonnes of phosphoric acid (P2O5). Sales rose by 302,000 tonnes, he noted.

Rawad said that the Jordan-India Fertiliser Company achieved an increase in its acid production, reaching more than 487,000 tonnes of P2O5 and sales hikes of 488,000 tonnes.

The CEO also added that Nippon Jordan Fertiliser Company in 2022 achieved an unprecedented increase in profits, where its production volume increased to 244,000 tonnes and its sales went up to 232,000 tonnes of various kinds of fertilisers.

He also added that the joint project with Indonesia also achieved unprecedented profits in 2022, reaching JD20 million and high production levels of P2O5, which stood at around 181,000 tonnes.