By Samir Ghawi
AMMAN — The Jordan Paper & Cardboard Factories Company (JPCFC) boosted its net profit after tax to JD0.81 million last year, 85 per cent higher than the JD0.44 million net profit generated in 2001, the company's annual report showed Monday.
According to the report, sales were up by 10 per cent from JD5.02 million in 2001 to JD5.53 million in 2002. Gross earnings were 13 per cent higher at JD1.59 million compared to JD1.40 million at the end of 2001.
Based on these results, JPCFC board of directors is recommending to the general assembly the distribution of JD450,000 in cash dividends to shareholders at a rate of six per cent.
The company did not distribute dividends in so many years noting that the accumulated losses stood at JD0.52 million at the end of 1998.
Since then, JPCFC has narrowed losses until 2001 when it emerged from the red.
The balance sheet shows that shareholders equity rose by nine per cent last year to JD9.04 million compared to JD8.3 million at the end of 2001.
Total net fixed assets was slightly less at JD7.02 million at the end of 2002.
However, the company's liabilities include JD2.2 million of debt. Of this amount JD0.97 million fall due within one year.
JPCFC's capital stands at JD7.5 million with around JD1 million held in various reserves and retained earnings.
The annual report highlighted the production levels by indicating that output of paper amounted to 11,807 tonnes in 2002 compared to 11,581 tonnes in 2001.
Output of carton boxes reached 8,453 tonnes, seven per cent higher than the 7,923 tonnes produced in 2001.
The company informed its shareholders that it plans to buy a modern 4-colour press to meet local and foreign demand.