APC distributes JD83m in cash dividend

By JT - Apr 25,2018 - Last updated at Apr 25,2018

In this undated photo, a truck is loaded at the Ghour Safi Plant of the Arab Potash Company, which has reported a net profit of more than JD90 million in 2017 (Photo courtesy of APC)

AMMAN — The general assembly of the Arab Potash Company (APC) on Wednesday approved a board of directors’ proposal to distribute a cash dividend of 100 per cent of the capital which is equivalent to JD 83 million.

The meeting was headed by Sami Dawoud, who was elected as board chairman on Tuesday, the Jordan News Agency, Petra, reported.

During the meeting, APC President and CEO Brent Heimann said that the company has maintained its status as a leading national firm and a pivotal contributor to the Treasury, adding that the APC's direct cash transfers to the Treasury have amounted to JD296 million during the past five years, constituting around 65 per cent of the company's net profits, according to Petra.

Heimann also said that APC and its subsidiary and affiliate companies boosted the Kingdom's foreign currency reserves by $845 million in 2017, according to Petra.

The CEO added that the international potash market started recovering from the crisis it has been facing which enabled the APC to achieve a net profit of JD90 million in 2017, a 44-per cent increase from 2016.

He also said that the company achieved "record" sales volume in 2017; reaching 2.36 million tonnes, marking a 16-per cent increase from 2016.

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