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Arab Potash Company reports net profit of JD 239 million in Q3

By : JD

Jordan Daily – Arab Potash Company (APC), one of the world’s largest producers of potash, said it made a net profit of JD 239 million ($337 million) in the first nine months of 2023.

The company said its operating profit from potash operations rose to 236 million dinars in the January-September period, while its share of profits from its allied and subsidiary companies, including Jordan Bromine and Arab Fertilizers and Chemicals Industries (KEMAPCO), reached 64 million dinars.

The company’s consolidated net revenues amounted to nearly 600 million dinars by the end of September, it said in a statement seen by Jordan Daily.

APC’s chairman, Engineer Shihadeh Abu Hudeib, said the company continued to play a leading role in supporting sustainable economic development and food security locally and globally by meeting the needs of various markets in different continents from Jordanian potash, as well as fulfilling its commitments to its traditional global partners, despite the global political instability.

Abu Hudeib added that APC was pursuing its pivotal role in developing the national mining and fertilizers sector and contributing to translating the vision of economic modernization that seeks to increase the contribution of the mining sector to the gross domestic product to more than the current rate of 2.2%.

He noted that APC and its subsidiary and allied companies were among the largest contributors to boosting the kingdom’s reserves of hard currencies, which reached $1.2 billion by the end of the first nine months of this year. He also said the company continued to implement its corporate social responsibility program by providing support for development projects implemented in local communities.

The company’s chief executive officer, Dr. Maen Nsour, said APC maintained its operational efficiency, as production volumes increased for the first nine months of this year to reach 2.2 million tonnes, up by 5% compared to the same period last year. He also said the company achieved record numbers in potash sales, which rose to 2.1 million tonnes, up by 10% by the end of the third quarter of this year.

Nsour added that APC would work on implementing its expansion plans aimed at increasing its production and diversifying its products by studying the expansion in the industry of specialized potash fertilizers with high added value in partnership with its subsidiary and allied companies.

He also said that APC succeeded in reducing production costs and controlling expenses by 18% during the first nine months of this year compared to the same period in 2022.

He indicated that the company would continue to work on enhancing its competitiveness in global fertilizer markets by focusing on research and development and innovation aspects to develop its business in a number of sectors and production inputs such as energy and water, in addition to developing specialized products with high added value that would give the company an opportunity to expand its growing customer base and enter new markets.

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