Arab Potash Co. (APC), Amman, posted a 177% increase in net income after tax to JD601.2 million (approximately $848 million at current exchange rates) on revenue of JD1.27 billion for the 12 months to Dec. 31, 2022, up from JD216.7 million and JD648.0 million, respectively, the previous year, according to a preliminary results filing by the company to the Amman Stock Exchange on Feb. 15.
Operating revenue was up by 68%, to JD738 million from the year-ago JD239 million. Revenue year-over-year rose 96%.
The company increased its potash production by 5% to 2.68 million last year, up from 2.56 million mt in 2021, but potash sales volumes dipped marginally (-0.4%) year-over-year to 2.62 million, down from the year-ago 2.63 million mt.
APC President and CEO Maen Nsour said the company in 2022 “sought to meet the needs of various markets for potash, the most important of which is the European market, according to reports by the Middle East business and financial news portal Menafn, and the Jordan Times.
APC seeks to implement future plans and expansion projects in the production of potash and other derivative industries, with investments of an estimated JD1.2 billion (approximately $1.69 billion at current exchange rates) in the company’s infrastructure over the next five years, according to the reports.
Nsour also highlighted the inauguration last June of Jordan’s new industrial port at Aqaba on the Red Sea, enabling APC to increase its exports of potash (GM Feb. 9, 2015).
He said the new port will increase the handling capacity from 5 million mt/y to about 10 million mt/y of industrial products of APC and the Jordan Phosphate Mines Co., as well as other firms using the port facility.