JPRC posted record profits of JD52.2m in 2021 — CEO

AMMAN — The net profits of the Jordan Petroleum Refinery Company (JPRC) in 2021 reached JD52.2 million, the highest in the history of the company, the Jordan News Agency, Petra, reported, quoting its CEO.

The board of the JPRC recommended distributing 25 per cent of the capital in cash dividends, which equals JD0.250 per share.

JPRC CEO Abdulkarim Alawin said that the profits were generated from refinery activities and filling gas cylinders with a value of JD20.6 million, and the lubricant factory with JD7 million and from the Jordan Petroleum Products Marketing Company (JoPetrol) with JD24.3 million.

The board of directors also recommended approving the deduction of 10 per cent of annual net profits of the refining activities of JoPetrol for the compulsory reserve.

The company also recommended halting the deduction of 10 per cent as compulsory reserve from annual net profits from other activities.

The company recommended allocating some JD12.9 million for the optional reserve account, and allocating JD12.9 million for the special reserve account for the purposes of the fourth expansion, in addition to using the optional reserve account for the fourth expansion project. 

On the fourth expansion project, Alawin said that the contractor of the project, UK's branch of Technip, is currently studying technical tenders and will send inquiries for all consortiums, expecting the start of the project upon completing works related to financial closures by the end of this year.