Jordan- Arab Potash Company net profits hit JD65 million in 9 months
(MENAFN- Jordan News Agency) Amman, Oct. 30 (Petra) -- The Arab Potash Company (APC) posted a net profit of JOD65 million by the end of the third quarter of 2017, indicating a major increase of 30 per cent compared with the same period last year. Despite unfavorable conditions and challenges in the global fertilizer industry in addition to the global economic slowdown, the APC set a new record high in terms of sales amounting to 1.77 million tons in the first nine months of this year, up by 29 per cent compared with the figure recorded in the corresponding period last year, APC Chairman Jamal Al Sarayreh said on Monday.
He indicated that the company has managed to reduce the per-ton production cost by 12 percent and also rationalized spending.
APC is moving ahead with its project to increase production capacity of potash by about 180,000 annum at a cost of about JD130 million, Al Sarayreh noted, pointing out that the increase in production will be positively reflected on the company's profits, especially with the gradual increase in demand for fertilizer globally.
He explained that the project to expand potash production would positively contribute to enhancing the competitive position of the Jordanian potash industry among global producers.
AF 30/10/2017 - 08:17:03 PM
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