The Arab Potash Company (APC) unveiled its H1 financial performance for the current fiscal year, reporting net earnings of JD181 million after accounting for taxes, provisions, and mining fees. The accumulated taxes and mining fees levied on the company until the close of last June totaled around JD94 million. APC's chairman, Shehada Abu Hudaib, disclosed that the pre-tax operating income from potash operations culminated at roughly JD177 million for the first two quarters. Revenues from key strategic alliances and subsidiary holdings, including the Jordan Bromine Company and Arab Fertilizers and Chemical Industries (KEMAPCO), reached approximately JD85 million in H1. Abu Hudaib articulated that APC's fiscal achievements mirror its proactive strategies to mitigate the volatility in global fertilizer pricing, an industry beset by macroeconomic deceleration and contraction in commodity price indices. He further emphasized that the robust net profits underscore APC's competitive resilience, fostering growth and sustainability in an evolving market landscape. APC's commitment to fortifying the national economy persisted through H1, as evidenced by significant contributions to the Kingdom's treasury, including tax payments, mining fees, and other fiscal obligations. Complementing its economic influence, APC augmented the Kingdom's foreign currency reserves, supplying the Jordanian banking sector with an infusion of approximately $834 million. Furthermore, Hudaib recognized APC's societal stewardship through diversified investments in critical development sectors like education, healthcare, environmental sustainability, social welfare, and cultural enrichment, fostering empowerment across the Kingdom's local communities. APC's CEO, Maan Nsour, accentuated new milestones in potash production and sales during H1. He noted an 8 percent surge in potash output, reaching 1.44 million tons, and a commensurate increase in sales, totaling 1.41 million tons, spanning both core and emerging markets. Nsour elaborated that the company's escalated manufacturing prowess and diversified potash offerings helped offset pricing pressures in the fertilizer markets, reinforcing APC's global market positioning. He also reported net revenues from potash sales amounting to around JD386 million in H1. Additionally, Nsour highlighted a 15 percent reduction in operational expenditures year-on-year, reflecting the company's ongoing drive towards operational efficiency and continuous improvement. APC's adaptability in the face of highly competitive global fertilizer markets further aligned its market strategy. Nsour indicated that RandD investments would continue to enable business expansion in sectors like energy and water, and enhance value-added product offerings. He reaffirmed APC's current execution of expansion initiatives aligned with long-term strategies to augment potash production capacity, extend operational reach, and increase the production of Dead Sea mineral-derived chemicals through its affiliate companies.
Source: Jordan News Agency