Arab Potash Co. to distribute 120% cash dividend

AMMAN —  Arab Potash Company (APC) will be distributing JD100 million in cash dividends to shareholders at a rate of 120 per cent, as authorised by shareholders during an ordinary general assembly meeting.  

APC Chairman Jamal Sarayrah told the shareholders that the company's net profit after tax, provisions and mining fees amounted to JD131 million last year, 31 per cent higher than the JD99.7 million generated during 2014.

He said the company paid about JD90 million to the state treasury in 2015 and spent around JD10 million in social donations to develop local communities. 

Sarayrah added that the profit reflected an increase in potash production, efficiency in cost management and good administrative policies.

He indicated that positive developments in 2015 included an increase in potash prices from $299 to $305, whereas negative factors showed mainly in the 3.7 per cent raise in electricity charges which contributed to lifting the power bill by 6 per cent compared to 2014.

To counter the energy challenge, the company is planning to replace heavy fuel with the cheaper and more environment-friendly natural gas, and also will proceed with generating energy through solar cells at a capacity of 33 megawatts, in addition to using diesel generators to provide 15 megawatts of electricity, the chairman continued.

APC President/Chief  Executive Officer Brent Heimann said the company's top priorities is to provide a safe working environment for employees, noting that APC in 2015 completed four million working hours without lost time injuries, which require the absence of injured employees for treatment. 

APC's future plans include boosting the handling capacity at the export terminal to cope with the company's production hike, he added, noting APC started the implementation of a new industrial terminal in Aqaba at an preliminary cost of JD118 million, equally funded by APC and the Jordan Phosphate Mines Company.

The general assembly also elected a new board of directors for a four-year term consisting from the Government Contributions Directorate, PCS Jordan LLC, Arab Mining Company, Social Security Corporation, Kuwait Investment Authority, Iraqi government, Islamic Development Bank – Jeddah, Libyan Foreign Investment Company.