Phosphate mines recover from 2017 losses to make JD58.5m in gross profits in 2018

AMMAN — Jordan Phosphate Mines Co. (JPMC) generated JD58.5 million in gross profits in 2018, compared with JD44.4 million in losses the year before, according to the company’s initial financial results report.

In a disclosure posted on the Amman Stock Market website, the JPMC said that net profit for the year 2018 is estimated at JD47.5 million, pending auditing of the finalised report, compared with JD46.7 million net losses in 2017.

The company’s general assembly is scheduled to convene on April 20, the Jordan News Agency, Petra, reported.

According to the disclosure, net operational income hit JD674.4 million compared with JD586.7 million for the same period in 2017.

Data showed that assets at the end of the last year increased to JD1.117 billion, compared with JD1.078 billion at the end of 2017.

Shareholder equities rose to JD682.7 million, from JD678.2 million, for the comparative duration.

Profits have been attained despite the decline in raw phosphate production, as it fell from 8.686 million tonnes in 2017 to 8.063 million tonnes in 2018.

Meanwhile, production of diammonium phosphate (DAP) increased to 632,000 tonnes in 2018, from 2017’s overall of 379,000 tonnes.

The company sold a total of 8.063 million and 581,000 tonnes of raw and DAP phosphate in 2018, respectively.