Arab Potash reports JD52.7m in net profit in H1

AMMAN — The Arab Potash Company (APC) has announced that its net profits after taxes, provisions and mining royalties amounted to JD52.7 million at the end of the first half of 2018, recording an increase of 30 per cent over the same period of last year.

In a statement, APC’s Chairman Jamal Al Sarayrah said the increase in profits was due to several factors, including the achievement of a historic production record of 1.21 million tonnes of potash in the first half of 2018, an increase of 10 per cent over the previous year.

Secondly, a sales volume of 1.2 million tonnes of potash in the first half of 2018 was witnessed, an increase of 4 per cent over the first half of last year; and thirdly, improvement of global potash sale prices in the first half of this year compared with last year, supported by strong demand for potash, the chairman said.

APC also achieved a record export volume in the first half of 2018, “which contributed positively to the growth of the national GDP, the reduction of the Kingdom’s trade deficit and the Kingdom’s foreign exchange reserves,” claimed the statement, which was emailed to The Jordan Times.

The APC’s financial statements showed a provision of JD11 million in income tax for the first half of 2018 compared with JD5.8 million in the same period last year, in addition to JD6.9 million in mining royalties for the first half of 2018 compared with JD 1.7million for the same period last year.