Jordan Phosphate Mines Co. (JPMC) reported a 38% decline in post-tax profit of JD454 million (approximately $640.3 million at current exchange rates) on sales of JD1.23 billion for the year ended Dec. 31, 2023, according to Jordan’s Petra news agency, citing a company statement.
The FY2023 results compare with JD733.3 million and JD1.75 billion, respectively, for the previous year (GM Feb. 24, 2023). Sales were down 30% year-over-year.
“Despite facing challenges such as a notable decrease in global product prices, leading to an increase in the cost of sales as a percentage of revenue, the company demonstrated resilience, managing to generate commendable returns on capital investments,” JPMC said.
JPMC Chairman Mohammad Thneibat highlighted the company’s efforts to diversify its products, transitioning to manufacturing industries while prioritizing environmental sustainability.
As previously reported, JPMC recently launched several new projects in Aqaba, in southern Jordan. These include a JD400 million project to build a phosphoric acid plant in partnership with Turkish oil company Transpet Petrolcülük ve Enerji AŞ (GM Oct. 27, 2023). The proposed facility will have production capacity of 165,000 mt/y P2O5.
JPMC has also partnered up with Arab Potash Co. (APC) to establish a plant to produce new fertilizers, although few details are available. Other proposed projects under consideration by the company include a plant to produce phosphate feed additives.
JPMC last month also launched the second phase of its Gypsum Mountain greening project at its industrial complex in Aqaba. According to Petra, this phase involves the planting of 20,000 trees. The wider project aims to plant 50,000 forest and fruit trees in stages, transforming the area into an attraction and public park for local communities and visitors.