Jordan Phosphate Mines Co. (JPMC), Amman, posted a net profit of JD103.4 million (approximately $145.8 million at current exchange rates) for the first quarter ended March 31, 2023, Jordan’s Petra news agency reported, citing a company filing to the Amman Stock Exchange.
The company’s net sales for the reporting period amounted to JD313.5 million.
JPMC did not provide comparable year-earlier figures in its filing. But an earlier filing showed a net income of JD146.53 million and sales of JD344.04 million for the first quarter of 2022.
In its latest filing, as cited by Petra, JPMC noted the “substantial” drop in global pricing for its products in the first quarter of 2023.
JPMC produced 2.524 million mt of phosphate rock in the first quarter of this year, according to the latest filing, a 7% increase on the prior-year same period’s 2.349 million mt.
Production of phosphoric acid by the company’s wholly owned subsidiary, Indo-Jordan Chemical Co. (IJC), and by the JPMC-IFFCO joint venture, Jordan Indian Fertilizer Co. (JIFCO), increased by a combined 32% in the first quarter, reaching 211,000 mt, up from the year-ago 160,000 mt.
JPMC sold 206,000 mt of phosphoric acid in the three months to March 31, versus 152,000 mt of sales in the same period of 2022.