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Unprecedented turnaround: from loss to remarkable profits, says Al-Thneibat

By: Jordan Daily

Jordan Daily – Dr. Mohammad Al-Thneibat, the Chairman of the Board of Directors of Jordan Phosphate Mines Company, emphasized the significant value that phosphates bring to the investment sector in the Kingdom, opening up opportunities for promising transformational industries.

Recognizing the company’s role as a crucial economic pillar in Jordan, he emphasized its commitment to shifting towards these industries to diversify income sources, increase profits, and create more job opportunities, which would positively impact the country’s treasury revenues.

Speaking at a panel discussion organized by the Jordanian Businessmen Association, titled “The mining sector and manufacturing industries in Jordan and its role in achieving the vision of economic modernization,” Dr. Al-Thneibat highlighted the company’s prudent growth and modernization approach, which they intend to steadfastly follow.

Thanks to this approach and the resulting qualitative advancements in production, sales, and profits, Jordan Phosphate Mines Company has earned recognition as the eighth most powerful industrial company in the Middle East region. They have received numerous regional and international awards, further highlighting their dedication to excellence.

Dr. Al-Thneibat shared the challenges the company faced in the past and showcased their remarkable achievements in recent years. Notably, it transformed from experiencing a loss of 90 million dinars and holding a debt of 440 million dinars in 2016 to reaching an unprecedented net profit of 1.160 billion dinars in the last five years.

Additionally, the company demonstrated its commitment to contributing to the country’s growth by paying substantial income taxes amounting to 226 million dinars in the past year alone, and a total of 369 million dinars over the last five years. Furthermore, the total mining fees paid by the company in the same period amounted to 136 million dinars.

He provided insight into the company’s strategic plans for the future, which encompassed several projects. These projects include environmental initiatives such as the Rusaifa Hills Rehabilitation Project, an aluminum fluoride production plant, a phosphate washing water treatment project, a phosphate flotation project, and a comprehensive greening project for Jabal Al-Jibs. Additionally, they have industrial projects in the pipeline, such as expanding the industrial complex in Aqaba and establishing a project for the production of pure phosphoric acid.

Among the future endeavors, the company also aims to venture into projects for the production of yellow phosphorus, fertilizers, and other materials.

On the logistical front, the company plan to construct phosphate storage warehouses, expand the phosphate port, and undertake desalination of sea water to meet the industrial water needs of their factories. The collective cost of these projects is estimated to be around $1.664 billion.

 Dr. Al-Thunaibat showcased Jordan Phosphate Mines Company’s commitment to growth, innovation, and sustainability, reinforcing its crucial role in contributing to Jordan’s economic prosperity and development.


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