JPRC raises capital to JD100 million

AMMAN — The Jordan Petroleum Refinery Company's (JPRC) general assembly on Sunday approved the company's financial statements for 2015 and approved its board of directors' recommendation to increase the company's capital by 33 per cent to JD100 million. 

The increase was covered through the capitalisation of JD25 million of retained earnings and distributing them as free stocks to shareholders, the Jordan News Agency, Petra, reproted. 

During the meeting, the assembly approved distributing 10 per cent of the earnings on shareholders and allocating a JD1.94 million of optional reserves to retained revenues and allocating a JD4.1 million for the obligatory reserves account.

According to Petra, JPRC pre-tax profits reached JD42 million at the end of 2015 compared to JD38.9 million in 2014, registering an 8 per cent increase.

The profit increase is due to the lube oil Factory's JD2 million profit increase and the JD4 million increase in profits from oil refining, before taxes, Petra reported. 

JPRC's Jordan Petroleum Products Marketing Company's revenues decreased by JD2.7 million because many of its stations were being updated and, therefore, went out of service, Petra reported, adding the company's assets decreased to JD1.3 billion in 2015 compared with JD1.8 billion in 2014 blamed mainly on the 2015 Income Tax Law.