Amman, April 16 (Petra) -- The General Assembly of the Arab Potash Company (APC) has approved the Board of Directors' recommendation to distribute JD100 million in cash dividends to shareholders, amounting to 120 percent of the company’s capital.

The decision was announced during the company’s annual general meeting held Wednesday, chaired by Chairperson of the Board Shehadeh Abu Hdeib and attended by Board members, CEO Maen Nsour, and shareholders representing approximately 98.4 percent of the company’s capital. Also present was the General Controller of Companies, Wael Armouti. The assembly ratified the Board’s 2024 report, audited financial statements, and the company’s strategic outlook.

Abu Hdeib underscored APC’s resilience and adaptability in the face of geopolitical and economic volatility, crediting the company’s robust policies and long-term planning for its sustained growth. He emphasized APC’s strategic role in bolstering Jordan’s economy and contributing to global food security.

He highlighted the Royal support the company has received, notably through high-level visits and the inauguration of major projects worth $450 million, including pumping stations, production plants, a logistics and services center, and a research and innovation facility. These developments have enhanced APC’s production flexibility and diversified its operations, reflecting the Hashemite leadership’s commitment to supporting national industries.

Abu Hdeib noted that APC’s net profits between 2019 and 2024 totaled approximately $2.2 billion, attributing this to a comprehensive ten-year expansion plan aimed at raising production capacity to over 3.7 million tonnes annually.

As part of the Economic Modernization Vision, he detailed the launch of an ambitious strategy (2024–2033) to develop the fertilizer and chemical derivatives sector. This includes establishing an integrated industrial complex for specialized fertilizers and chemical products, in collaboration with domestic and international partners.

He also referred to APC’s expanded strategic partnership with the United States-based Albemarle Corporation, involving an $800 million investment to double bromine production. The agreement positions Jordan among the global leaders in bromine production and exports, enhancing its standing in the advanced chemical manufacturing sector.

Abu Hdeib described the partnership as a vote of confidence in APC and Jordan’s stable, investor-friendly environment. He emphasized the company’s commitment to corporate social responsibility, with contributions exceeding JD66 million over five years in areas such as education, health, infrastructure, and renewable energy.

He affirmed that APC is entering a new phase of transformational growth, focused on maximizing the strategic value of national resources and cementing Jordan’s position as a global industrial hub.

He praised the government's efforts to foster a competitive investment climate through supportive legislation, noting that enhancing APC’s capabilities benefits not only the company and its investors but also the broader national economy and local communities.

CEO Maen Nsour reiterated that APC achieved strong operational, financial, and marketing results in 2024, despite global supply chain disruptions and rising shipping costs. He attributed this success to the company’s adherence to its long-term strategy launched in 2019, which emphasizes operational agility and strategic investment.

Nsour noted that direct Royal support culminated in His Majesty King Abdullah II’s visit to the company’s Ghor Al Safi facilities in 2024, where several key projects were inaugurated. This visit reflected the Kingdom’s high-level endorsement of APC’s national significance.

In 2024, APC recorded a record potash production volume of 2.84 million tonnes, a 17 percent increase compared to 2018. Sales reached 2.78 million tonnes, driven by growth in strategic markets such as Europe and Brazil the latter now among APC’s top five global markets. The company also bolstered its European presence by establishing a wholly owned subsidiary to enhance marketing and expand market share.

Financially, consolidated revenues stood at JD651 million, with net profits of JD184 million. APC contributed approximately $1.3 billion in foreign currency to the local banking sector. Operational efficiency improved with a 5 percent increase in potash production and reduced production costs compared to 2023.

Nsour also pointed to APC’s concurrent strategy to grow in high-value-added fertilizer and chemical derivatives. This includes the Jordan Bromine Company’s expansion and the development of specialty fertilizer products aimed at diversifying income streams and supporting local industry.

He affirmed APC’s commitment to sustainability through renewable energy projects with a generation capacity of 36 megawatts, water reuse initiatives, and upgrades to transportation and logistics systems to lower the company’s carbon footprint and improve competitiveness.

Nsour concluded by commending the dedication of APC’s workforce and partners, including the General Union of Workers in Mines, Mining and Cement, the company’s trade union committee, and the Jordan Engineers Association – Potash Branch. He stressed the importance of maintaining momentum to build on the company’s accomplishments.

//Petra// AJ

16/04/2025 13:33:21