Arab Potash Company Reports Impressive Net Profits of JOD 52 Million in Q1 2024
Amman – Al-Oula News
The Arab Potash Company has announced an outstanding net profit of JOD 52 million for the first quarter of 2024, after accounting for income taxes, provisions, and mining fees. This remarkable achievement comes amidst significant disruptions in the global fertilizer market, reflecting the company’s robust financial performance and its remarkable ability to navigate challenging conditions. APC continues to play an instrumental role in bolstering the national economy while contributing to global food security.
The company’s financial results for the first quarter of the year reveal that net revenues from potash production operations soared to approximately JOD 145 million, demonstrating the company’s exceptional operational efficiency. Concurrently, the operating profits from these operations reached an impressive JOD 51 million, underscoring the company’s steadfast commitment to excellence.
Engineer Shihadeh Abu Hudaib, Chairman of the Board of Directors of Arab Potash Company, emphasized the significance of these results, stating, “The achievement of these robust quarterly figures is a testament to the company’s unparalleled capabilities and the effectiveness of our strategic initiatives, which are designed to enhance the efficiency of our production processes while upholding the highest standards of product quality.”
He further remarked, “Despite the substantial volatility in the global fertilizer market, Arab Potash Company has successfully navigated these challenges through astute management of expenses and continuous improvements in production efficiency. Our ability to maintain such strong performance in the face of adversity speaks volumes about the resilience and adaptability of our operations.”
Engineer Abu Hudaib also highlighted ongoing commitment to global food security, noting that the company is steadily advancing towards a bright and promising future. “We have laid down solid foundations for the upcoming decade and beyond, positioning ourselves for continued leadership and distinction in the industry,” he added.
Furthermore, Engineer Abu Hudaib disclosed that the company’s share of profits from its investments in subsidiaries, affiliates, and joint ventures amounted to an impressive JOD 13 million by the close of the first quarter of 2024. He emphasized that APC, alongside its subsidiaries and affiliates, remains a pivotal contributor to strengthening Jordan’s foreign currency reserves, which have reached approximately USD 306 million during the first three months of the year.
Dr. Maen Nsour, Chief Executive Officer of Arab Potash Company, underscored the transformative progress the company has made across all operational dimensions, guided by the royal vision and directives aimed at advancing national industries, particularly in the fertilizer and mining sectors, and enabling them to compete on a global scale.
Dr. Nsour proudly announced that APC achieved record-breaking quarterly production volumes, the highest in the company’s storied history. Potash production during the first quarter of 2024 reached an unprecedented 751,000 tons, compared to 726,000 tons during the same period in the previous year, marking a significant 3% increase. Additionally, the company successfully sold 668,000 tons of potash by the end of the first quarter, representing a 3% rise compared to the previous year.
He elaborated on the company’s continued efforts to optimize production costs, revealing that APC managed to reduce the average cost of producing one ton of potash by an impressive 11% by the end of Q1 2024, compared to the same period last year. This was achieved through a relentless focus on innovation and enhancing operational efficiency.
Looking ahead, Dr. Nsour outlined APC’s ambitious goals for the year 2033, which include a significant increase in annual revenues and returns. He detailed the key strategic initiatives that will drive this growth, such as expanding revenue from the existing product portfolio, launching new specialized and derivative products, and pursuing geographic expansion into new and emerging markets.
Dr. Nsour also emphasized that APC has solidified its leadership position in the global fertilizer market by offering a diverse range of high-value-added products. This has been made possible by adopting cutting-edge technologies throughout the various stages of the production process.
In conclusion, Dr. Nsour highlighted the major investment projects currently underway at APC, which will enable the company to broaden its customer base, enter non-traditional markets, and enhance its competitive standing in the markets it serves. He reaffirmed APC’s unwavering commitment to continuing its journey of growth and development, further enhancing its contribution to the Jordanian economy, and achieving even greater successes in the future.
