AMMAN — The
Arab Potash Company’s
General Assembly on Tuesday approved the recommendation of the Board of
Directors to distribute about JD150 million in cash dividends to shareholders
at a rate of 180 percent of capital, Al-Saa News reported.
اضافة اعلان
The decision was made during the assembly’s
annual ordinary meeting, which was led by Chairman of the Board of Directors
Shehada Abu Hudaib and attended by the board members, the company’s CEO Dr Maan
Al-Nsour, and shareholders.
During the meeting, the Companies General
Controller of the
Companies Control Department Dr Wael Al-Armouti also approved
the board’s report, the company's financial statements for the year 2022, and
its future plans.
‘Exceptional’ 2022 performanceAbu Hudaib said in a speech to shareholders
that the Arab Potash Company’s performance in 2022 was “exceptional” in terms
of production operations and sales, despite the many exceptional global
geopolitical and economic challenges. This was reflected in historical, record
net profits of JD601 million for the past year.
The company’s payments to the Kingdom’s Treasury for the year 2022 amounted to JD417 million — a 165 percent increase from its 2021 contribution.
In terms of contribution to the
Jordanian economy, the chairman explained that the company’s payments to the Kingdom’s
Treasury for the year 2022 amounted to JD417 million — a 165 percent increase
from its 2021 contribution.
Expansion projectsIn terms of future plans, Nsour said that the
Arab Potash Company is working on implementing a set of capital projects at a
cost of JD1.2 billion during the 2023–2027 period, with the aim of maintaining
the sustainability of its business, raising its competitiveness, and maximizing
its global market share by entering new markets, in addition to keeping pace
with the rising global demand for
potash fertilizer.
The CEO highlighted that the company has
been developing plans to expand its production of potash and certain
specialized fertilizers.
In specific,
two production expansion projects are in the works, namely: The northern expansion project, which will
increase the company’s annual production capacity by about 140,000 tonnes, and
the eastern expansion project, which will increase annual production capacity
by about 120,000 tonnes. These two projects are expected to begin operating in
2024 and 2025, respectively.
In addition, the company is currently
conducting studies on a southern expansion project, which, if implemented,
would increase the company's production capacity by no less than 550,000 tonnes
annually, Nsour said.
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