Arab Potash Company grabs spot on Forbes’ top list

AMMAN — Forbes has placed the Arab Potash Company (APC) on the list of the Middle East's largest, most powerful and most valuable 100 companies in 2019.

The list is compiled based on sales, profits, assets and market value.

According to Forbes, the APC has extended its streak at the top of the 2019 list of the Middle East's most powerful 100 companies due to the highest recorded production volume it has ever achieved, which reached around 2.44 million tonnes in 2018 compared with 2.36 million tonnes in 2017.

The APC announced in February that its net profit after taxes, provisions and royalties amounted to JD126 million in 2018, recording an increase of 39 per cent from 2017’s JD90 million.

At the time, the APC’s Chairman of the Board of Directors Jamal Al Sarayrah noted that the increase in the company’s profits has “enabled the APC to maintain its leading position as a major provider of income and returns to the Treasury”, putting the value of payments to the Treasury at JD71 million in 2018, an increase of 22 per cent from 2017.

In early May, Jordan’s leading mining company has also announced that its net profit amounted to JD38.5 million during the first quarter of 2019 after taxes, provisions and royalties, recording an increase of around 33 per cent from the JD25.7 million generated during the same period last year.

In a statement carried by the Jordan News Agency, Petra, on Monday, Sarayrah said that the APC is about to enter a new phase of expansion and development to maintain its competitiveness as a major potash and specialised fertiliser-producing company. 

Forbes has also listed the Arab Bank and the Housing Bank for Trade and Finance as among the Middle East’s top 100 companies.