The Jordan Phosphate Mines Company posted a pre-tax net profit of JD786.5 million in the first nine months of 2022, a 224.5 percent increase from the JD242 million reported in the same period of 2021.
The company’s post-tax profits amounted to JD600.2 million, a rise of 232 percent compared with the same period last year, which amounted to JD180.7 million only.
Furthermore, the company’s net operating profit for the reporting period increased by 219 percent to JD723.1 million, up from JD227 million in the previous year.
JPMC Board Chairman Muhammad Thneibat said that the company’s net sales jumped by 102 percent from JD693.5 million in the same period in 2021 to a staggering JD1.4 billion in the January-September period.
Additionally, he disclosed that the company’s total net assets increased by JD456.8 million, or 30 percent, while its debt dropped by 16.73 million dinars, or 25 percent.
He noted that the company produced 8.495 million tons of crude phosphate during the nine months, up from 7.050 million tons in the same period last year, a 20.5 percent rise.
During the same period, the JPMC sold 8.283 million tons, a 19.6 percent increase over last year’s total of 6.928 million tons, according to Thneibat.
The Chairman explained that the company sold 574,292 tons of the DAP (Di-ammonium Phosphate) fertilizer during the reporting period, compared to 526,191 tons last year.
Regarding subsidiaries and affiliates, Thneibat disclosed that the profits of the Indo-Jordan Chemicals Company Ltd, which is entirely owned by the JPMC, doubled by 172 percent to JD96.2 million from JD35.4 million during the same period last year.
Similarly, Nippon Jordan Fertilizer Company’s profits climbed by 166 percent, reaching JD8.349 million against JD3.136 million during the same period the previous year.
According to Thuneibat, JPMC’s share of Jordan India Fertiliser Company profits improved by 107 percent to JD57.476 million, compared to JD27.7 million in the same period last year.
Thneibat described the company’s 9-month results as unprecedented in terms of profits, sales, and production quantities, and stressed that they are the fruit of the company’s plans, employee efforts, and prudent management of resources.
JPMC CEO Abdul-Wahab Rowad, for his part, stated that the company had made inroads into the European market, particularly the Norwegian market, in crude phosphate sales.
He added that the company has been working since the beginning of the year to broaden its international partnerships with new partners and investors in order to expand the company’s market share, increase the quantities sold to current markets, and open up new ones. The CEO noted that the company has started shipping phosphates to Malaysian and Indonesian markets.
Rowad also revealed that the company has increased the storage capacity of its export-ready phosphates crude depots in the port of Aqaba by 500,000 tons, bringing the total storage capacity to 750,000 tons.
According to the CEO, the JPMC and an Indian company signed an agreement earlier this year to build a factory in Jordan for the production of phosphoric acid using Jordanian phosphates and export the entire output to the Indian market.
The JPMC also signed a contract with the British company Solar Water Plc to construct and operate a seawater desalination plant utilizing concentrated solar energy to supply the JPMC industrial complex in Aqaba with industrial water.
He stated that the company also signed a memorandum of understanding with a local company to use solar energy to treat water resulting from washing phosphates at the Shediyeh mine.
The company also signed a second agreement with the Munir Sukhtian Trading Group to establish a plant in Aqaba to produce 20,000 tons of pure phosphoric acid for use in the food industry using cutting-edge technology.
The company also laid the cornerstone for a phosphate washing and flotation plant in the Shediyeh region, at an investment of $85 million, in order to capitalize on the large quantities of low-quality phosphates that had accumulated over the years.
Rowad stressed that this move will increase the company’s capacity to export crude phosphate in greater quantities, adding that construction of the plant, which is designed by an American firm, is scheduled to begin by the end of the year.
Additionally, the CEO disclosed that the company’s board of directors approved a bid for the construction of two ammonia tanks in the Aqaba industrial complex.
According to Rowad, the JPMC, in collaboration with a number of international companies, is investigating the possibility of producing yellow phosphorous from crude phosphate using the most cutting-edge technology.
He also stated that JPMC has signed an agreement with Alufluoride Limited of India to build an aluminum fluoride factory in the Shediyeh area of Ma’an Governorate, with construction expected to begin in the first quarter of next year.
Rowad also said that JPMC signed an agreement with an Indonesian company for a joint venture in Aqaba to produce 500,000 tons of NPK fertilizer.
The chief executive officer discussed the initiatives and social projects launched by the company in local communities and across the Kingdom.
Source: Jordan News Agency