By : Nedal Zubeidi
Jordan Daily – Arab Potash Company (APC), the world’s eighth largest potash producer, said on Thursday it achieved record levels of potash production and sales in 2023, despite a sharp drop in global prices.
The Jordan-based company, which operates on the shores of the Dead Sea, produced 2.78 million tonnes of potash in 2023, up from 2.68 million tonnes in 2022. It sold 2.89 million tonnes, up from 2.62 million tonnes.
However, its net revenues fell to JD 793 million ($1.12 billion) in 2023, from JD1.27 billion in 2022, as potash prices decline due to oversupply and weak demand.
In a statement of its preliminary financial results ,seen by Jordan Daily , the company noted that its consolidated cost of sales rose by 8% to 385 million dinars, mainly due to higher sales volumes.
In 2023, APC said , it has achieved the third highest operating profits in the company’s history, amounting to JD (738) million, compared to JD (306) million in 2022. APC’s net profits after taxes for the year 2023 reached to JD (293) million compared to JD (601) million the previous year.
The company said it is committed to investing in expansion projects that would diversify and increase its production capacity in the coming years.
