'Potash' reports net profit of JD153m in Q3 2024

AMMAN — The Arab Potash Company announced on Wednesday that it achieved a net profit of JD153 million by the end of the third quarter of 2024, after accounting for income tax, provisions, and mining fees, reflecting the company’s strong performance amid increasing global economic challenges and political fluctuations.

Financial data showed that the net sales revenues achieved by "Potash" and its subsidiaries reached approximately JD509 million by the end of the third quarter, while pre-tax profits amounted to JD212 million, highlighting the company’s efficiency in maintaining its position in the global fertiliser market, the Jordan News Agency, Petra, reported. 

The company's investments in affiliated companies contributed to profit growth, with "Potash’s" share of earnings from these investments reaching about JD26 million by the end of the third quarter.

Company's Chairman of the Board Shihadeh Abu Hudaib emphasised that the company, through implementing a flexible strategy focused on expense control and enhancing operational efficiency, overcame challenges posed by geopolitical events and the Red Sea crisis affecting supply chains and global trade.

He noted that the company and its subsidiaries and affiliates contributed approximately $996 million to Jordan's foreign currency reserves during the first nine months of 2024, strengthening its position as a supportive partner for the national economy.

Abu Hudaib praised the government’s efforts in creating a favorable investment environment for the fertiliser and chemical sectors through the enforcement of laws regulating investment in the Kingdom.

He added that potash production reached a record level of approximately 2.2 million tons by the end of the third quarter, and the company succeeded in selling its entire production by the end of September. 

He pointed out that the company managed to reduce the production cost per ton by 5 per cent compared to the same period last year by implementing innovative strategies and improving production efficiency, which are part of the company’s efforts to boost its competitiveness in the global market.