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AMMAN — Arab Potash Company (APC) Chairman Jamal Sarayrah on Tuesday said that his company is facing huge challenges because of the drop in potash prices at the international level, and due to competition among global producers.
Potash prices have dropped by around $105 per tonne, he said. Subsequently, the APC will not be able to achieve any profit, Sarayrah told the Jordan News Agency, Petra, citing large market supplies compared to limited demand.
He also criticised the high costs of energy and water used in the production process, adding that despite challenges, the APC will continue to support national institutions.
It will also remain one of the largest employers of local workers in the south, APC chairman said, noting that the company has around 2,000 employees.
During the first half of 2016, the APC posted JD28.7 million in post-tax profit and other provisions besides mining revenues, Sarayrah said, recording a 53 per cent drop compared to the figure of the same period last year.
He added that the company managed to achieve these gains through its subsidiaries and other revenues from non-operational activities.