JPRC ratifies 2024 financial results

AMMAN — The General Assembly of the Jordan Petroleum Refinery Company (JPRC) ratified the company's financial results for the fiscal year ending 2024, along with its management report, during its 69th ordinary meeting of shareholders, held via videoconference. 

According to a company statement, the meeting reviewed the financial outcomes for 2024, which reflected continued strong performance and profitability for shareholders.  

The company’s pre-tax profits, including those of its subsidiaries, amounted to around JD95 million, with net profits after tax reaching JD73 million. 

The financial report also highlighted a notable increase in the company’s total assets, which rose to around JD1.8 billion in 2024, up from JD1.438 billion in 2023, a growth of around JD362 million, or 25 per cent year-on-year. 

The increase was largely driven by a rise of about JD78 million in current assets, primarily attributed to a JD148 million rise in "debtors and other receivables," due to higher outstanding debt from the Ministry of Finance, other ministries, and government entities. 

Regarding liabilities, total obligations for 2024 amounted to JD1.132 billion, compared with JD1.070 billion in 2023, reflecting a rise of JD62 million, or 6 per cent. The increase was mainly attributed to a JD65 million rise in current liabilities, stemming from a JD102 million rise in "creditor banks," aimed at financing government debt. 

Shareholders' equity at the end of 2024 stood at approximately JD661 million, a significant increase from JD360 million in 2023, an 84 per cent growth. This surge was primarily driven by the revaluation of land at fair market value, in addition to the profits generated during the year. 

Chairman of the Board Abdul Rahim Buqai emphasised the company’s ongoing commitment to driving shared success with its shareholders. He reiterated that the company remains focused on strategic plans aimed at ensuring growth and prosperity despite regional challenges. 

Buqai also provided an update on the company’s Fourth Expansion Project, also known as the "Refinery Modernisation." He described the project as one of the company’s most vital initiatives for long-term sustainability.  

He also noted that negotiations with the consortium comprising China’s Sinopec Group and Japan’s Itochu Corporation were halted due to a failure to reach an agreement with US-based KBR, the license holder. Additional factors contributing to the delay included rising costs and the withdrawal of financial backers due to regional instability.  

He also noted that the company has decided to move forward with the project, which aims to expand the refinery’s capacity to 73,000 barrels per day.