Jordan Phosphate Mines Co. (JPMC), Amman, reported a more than doubling in net income of JD733.3 million (approximately $1.03 billion at current exchange rates) on revenue of JD1.75 billion for the year to Dec. 31, 2022, up from JD344.0 million and JD1.08 billion the previous year, according to a preliminary results filing by the company to the Amman Stock Exchange on Feb. 15.
JPMC Chair Mohammad Thneibat, as cited by Jordan’s news agency Petra, said the company last year saw “a significant increase” in the production and sales of phosphate rock, fertilizer, and phosphoric acid.
Phosphate rock production increased 5%, to 11.3 million mt – the highest ever for the company, according to Thneibat – and up from 10.8 million mt the previous year. Phosphate rock sales volumes were up 10%, to 10.7 million mt versus the prior-year 9.68 million mt.
While DAP output dipped 3% in 2022, to 708,000 mt from 728,000 mt in 2021, DAP sales volumes increased 3% to 724,000 mt, up from 700,000 mt a year earlier.
JPMC’s production subsidiaries and production joint ventures mostly all saw output and sales volumes increases year-over-year in 2022, according to the company’s CEO Abdul-Wahhab Al-Rawad, as cited by the Petra report.
The fully-owned phosphoric acid production subsidiary, Indo-Jordan Chemical Co. (IJC), produced 308,000 mt P2O5 of phosphoric acid last year, up from 301,681 mt the previous year. Sales volumes dipped to 302,000 mt from 303,714 mt.
Jordan Indian Fertilizer Co. (JIFCO), a phosphoric acid production jv with India’s IFFCO and Kisan International Trading (KIT), produced 487,000 mt P2O5 and sales volumes increased to 488,000 mt in 2022.
Jordan Fertilizer Co. WLL, a jv with Arab Potash Co. producing DAP, NPKs, and NPs, in which JPMC holds an 80% stake, increased production to 244,000 mt, while total sales volumes reached 232,000 mt last year.
JPMC’s jv in Indonesia with PT Pupuk Kalimatan Timur (PKT) produced 181,000 mt P2O5 of phosphoric acid last year, boosted by efforts to improve the plant’s operational process, according to Al-Rawad. JPMC did not provide a 2021 production figure.