Jordan Phosphate Mines Company Reports JOD 579 Million in H1 2022 | Company
Ammon News – The Jordan Phosphate Mines Company (JPMC) recorded a significant increase in its profit before tax (EBT) in the first half of 2022, with 579 million JOD compared to 177.6 million JOD during the same period in 2021.
Net profit after tax was JOD 371.8 million in the first half of 2022, compared to JOD 90 million for the same period last year, a whopping 313% increase.
The company’s chairman, Muhammad Thneibat, said that the financial statements of the production and marketing reports and the results of the company’s activities during the first half of 2022 showed a significant increase in the production and marketing of phosphate. crude oil, fertilizer and phosphoric acid, in addition to a 40% decrease in mining operating costs.
Regarding the results of the activities of the company and its allied companies and subsidiaries during the reporting period, Thneibat said that the report showed a significant improvement in most items of the income statement compared to the same period last year. last.
He added that the company’s sales during the reporting period amounted to 885.4 million JOD, compared to 405.4 million JOD for the same period last year, an increase of 118%, noting that the cost of sales to sales ratio in the first half of this year decreased by 18% compared to the same period last year.
Regarding the group’s balance sheet figures, Thneibat said the report showed a significant improvement in its results for the end of the first half of this year, compared to the end of last year.
The company’s total net assets increased by JOD 223,000, an improvement of 14.8%. The company’s debt decreased at the end of the first half of this year, compared to the end of last year, by 12.5 million JOD, a decrease of 19%.
He added that the property rights value increased by JOD 206.8 million, an improvement of 22.2% after distribution of profits.
He added that net cash and cash equivalents increased by 308.7 million JOD, an improvement of 600% compared to the same period in 2021, after being recorded in the first half of 2022 at 360.1 million. of JOD, against 51 million JOD. 0.4 million for the same period last year.
Thneibat noted that raw phosphate production during the reporting period was, according to the report, over 5.4 million tonnes, compared to 4.494 million tonnes for the same period last year, a rate 23% improvement.
Regarding crude phosphate sold in the first half of this year, he said it amounted to 5.43 million tons, compared to 4.357 million tons for the same period last year, an increase of 24%.
He said the sales quantities of DAP fertilizers in the first half of this year amounted to 304,000 tons, while the sales quantities of aluminum fluoride in the first half of this year amounted to 5 344 tonnes, compared to 5,156 tonnes for the same period last year. , an increase of 3.6 percent.
He pointed out that the report showed an improvement in the sectors, subsidiaries and allied companies, represented by an increase in the profits of the phosphate unit in the first half of 2022 to 314.5 million JOD, against 84.18 million. JOD for the same period last year. year, an improvement rate of 274 percent.
He explained that the profit of the company’s fertilizer unit was 59.436 million JOD, compared to 16.914 million JOD for the same period last year, an improvement of 251%.
Thneibat noted that the profits of the Indo-Jordanian Chemicals Company (IJC), wholly owned by the Phosphate Mines Company, increased during the reporting period, recording a total of 68.77 million JOD, against 15, 58 million JOD for the same period last year. year, an improvement rate of 341 percent.
Japanese Jordanian Company (NJFC) profit was JOD 5.08 million, compared to JOD 1.488 million for the same period last year, an improvement of 241%.
Abdul Wahab Al-Rawad, CEO of the company, said the results were unprecedented and reflected the company’s strategies, employee efforts and effective management of resources at all levels.
He said that the company will continue to enter into strategic agreements with new partners and investors to increase its market share, increase the quantities sold in current markets, open new markets and use world-class technologies to improve, develop and diversify production.
The CEO summarized the company’s projects and plans for the first half of this year, which included increasing the storage capacity of phosphate ore warehouses for export in Aqaba by 500,000 tons and completion of the maintenance of a small tank (of ammonia) in the industrial complex of Aqaba. by a specialized international company.
The company’s plans also included supplying Brazilian buyers with phosphate fertilizers and signing a 10-year deal to supply an Indian group with 500,000 tons of Jordanian phosphate.
Al-Rawad cited an increase in exports of phosphate and phosphoric acid to Indian and European markets, as well as an agreement with the British company SOLAR WATER to establish and operate a seawater desalination plant using the concentrated solar power to meet the industrial water needs of the Aqaba industrial complex and future projects.
He said the company had signed several deals worth $1.5 billion to supply phosphate, phosphoric acid and DAP fertilizers to several Indian companies.
The CEO referred to recent discussions between the company’s chairman and the Indonesian Minister of Agriculture to supply Indonesia with raw phosphate and fertilizers, as well as a memorandum of understanding to establish a factory in Aqaba to produce ( NPK) with a capacity of 500,000 tons.
Furthermore, he said that the company has signed a memorandum of understanding with Munir Sukhtian Trading Group to establish a pure phosphoric acid plant in Aqaba with a capacity of 20,000 tons (food grade or technique) for use in the food industry.