JPMC ranks 71st among top 100 companies in Middle East in 2023 — Forbes

AMMAN — The Jordan Phosphate Mines Company (JPMC) ranked 71st among the top 100 companies in the Middle East in 2023 with a market value of $4.1 billion, according to Forbes Middle East. 

The JPMC operates in mining and phosphate fertiliser manufacturing. 

"In 2022, JPMC's phosphate production reached 11.3 million tonnes through four mines located in Jordan, an increase of 12.4 per cent compared to 2021," Forbes Middle East reported.

In 2022, the company sold its share in Arkan Company for Constructions for $7.3 million. 

The report said that Indian Potash Limited is the main shareholder in the company, with a 27.4 per cent stake.  

In May 2022, the JPMC signed agreements with a number of Indian phosphate and phosphate fertiliser companies and manufacturers worth $1.5 billion.

JPMC's sales in 2022 stood at $2.5 billion with $1 billion as profits, while the value of the company assets stood at $2.9 billion.

The company ranked 82nd on the 2022 list with sales then standing at $1.5 billion, profits at $474 million, and assets at $2.1 billion.

"At this time of high inflation and global unrest, stock markets have been under pressure, with the MENA region not immune to the trajectory. In 2023, the aggregate market value of the Middle East’s Top 100 Listed Companies has decreased marginally by 5 per cent, from $4 trillion in 2022 to $3.8 trillion," Forbes Middle East said.

“However, the value of the aggregate sales for these 100 companies has jumped 38.5 per cent to $1.1 trillion, with profits increasing by 37.7 per cent to hit $277.7 billion. The value of their aggregate assets has also risen by 9.5 per cent to $4.6 trillion as of 2022 end,” according to the report.