JPRC reports net profits of JD73m in 2024

AMMAN — The Jordan Petroleum Refinery Company (JPRC) has announced net profits of JD73 million by the end of 2024 and net operating revenues of some JD174 million.

During a meeting chaired by JPRC Chairman Abdulrahim Baqaei, the company's board of directors recommended holding the general assembly meeting at 11:00am on April 27 via video and electronic communication, the Jordan News Agency, Petra, reported. 

The board proposed distributing cash dividends of 50 per cent of the paid-up capital, equivalent to JD0.5 per share, net of tax. 

The dividends will be disbursed to shareholders registered in the company's records as of the date of the general assembly meeting.

The company announced a donation of JD50,000 to the Jordan Hashemite Charity Organisation to support its efforts in providing aid to those affected in the Gaza Strip.

This donation underscores the company's commitment to its humanitarian responsibilities and dedication to supporting just causes during times of crisis, particularly given the dire situation in Gaza.

The board discussed policies aimed at enhancing financial sustainability and recommended allocating 10 per cent of the annual net profits from the operations of the Jordan Petroleum Products Marketing Company and the Jordan Mineral Oil Industries Company both wholly owned subsidiaries of the JPRC into the statutory reserve account.

The board decided to continue suspending the statutory reserve deduction from the annual net profits of the company's remaining activities.

The board recommended allocating JD4 million to the voluntary reserve account, in line with its previous decisions, and some JD18.9 million to a special reserve account designated for the fourth expansion project.

It also agreed to utilise the accumulated balance in the voluntary reserve account to support the project.

Baqaei stressed that the company's positive financial results stem from ongoing efforts to enhance operational efficiency and improve financial performance.

He noted that the profits will bolster the company's production capabilities and ensure the sustainability of its operations.

He reiterated the company's commitment to creating sustainable value for its shareholders, adding that the dividend distribution reflects appreciation for their continued trust and support.

Baqaei said that the company is committed to improving financial performance and advancing its strategic projects to enhance shareholder returns and meet their expectations.