'APC achieves JD124m in profits in nine months'

AMMAN — The Arab Potash Company's (APC) profits grew by 36 per cent during the first nine months of 2019, amounting to around JD124 million.  

APC’s Chairman of the Board of Directors Jamal Al Sarayrah said that the company has produced a historical record of 1.8 million tonnes of potash.

Attending the launching ceremony of a charity society in Karak, Sarayrah said that the APC has begun exporting red granular potash to Brazil and Australia as per its efforts to open new markets and diversify its customer base, the Jordan News Agency, Petra, reported.

In previous remarks, Sarayrah said that entering these new markets will enable the company to sell its products at higher prices, which will have a positive impact on the APC's profits.

The company announced in August that its net profit after taxes, provisions and royalties amounted to JD78.2 million during the first six months of 2019, recording an increase of 48 per cent from the JD52.7 million profits achieved during the same period last year.

Sarayrah attributed the increase in profits primarily to a 113-per cent growth in operating profits over the same period last year.

APC President and CEO Maen Nsour said that during the first half of 2019, APC produced a historical record of 1.28 million tonnes of potash compared with 1.21 million tonnes produced during the same period in 2018, while sales during this period also reached a record high of 1.24 million tonnes — an increase of 3.6 per cent over the same period last year.

Nsour added that the company has started producing new grades of potash to be exported to new, promising markets such as South America and countries in the Far East.