APC to distribute JD100m as cash dividends to shareholders

AMMAN — The Arab Potash Company (APC) on Wednesday approved the decision of its board of directors to distribute some JD100 million as cash dividends for shareholders, with a percentage of 120 per cent of its capital.

The APC general assembly also approved the report of the board of directors and the financial data for 2021, the Jordan News Agency, Petra, reported.

APC Chairman Shihadeh Abu Hdeib stressed that the company registered record sales that reached 2.631 million tonnes by the end of 2021 and qualitative profits of some JD217 million, thanks to diversifying products that enabled the APC to access new markets.

Abu Hdeib said that the total value of APC's payments as profits, taxes, fees, mining fees and other fees for the Treasury in 2021 totalled some JD158 million, in addition to supplying the Jordanian banking system with around $1.4 billion in foreign currencies.

As for the performance of affiliate and ally companies, he said that the Arab Fertilisers and Chemicals Industries (KEMAPCO) recorded a 3 per cent hike in its sales to 172,000 tonnes, compared with 2020, which increased the company's revenues by 12 per cent to JD91 million.

The chairman added that the APC production volume in 2021 reached 2.563 million tonnes, where the company realised new records through marketing and selling some 2.631 million tonnes of potash in 2021 compared with 2.553 million tonnes in 2020. 

APC CEO Maen Nsour said that the company in 2021 continued to diversify its products, where it manufactured and exported the first shipment of ordinary red potash to India, which is among the top consuming country of Jordanian potash.

Nsour also noted that APC issued its first annual report on sustainability for 2020, which was prepared in a way that matches the UN Sustainable Development Goals.