Arab Potash Company Approves JD108mln in Cash Dividends for Shareholders

Amman: The General Authority of the Arab Potash Company, in its annual meeting chaired by Board Chairman Shehadeh Abu Hadeeb, and attended by board members and CEO Maen Ensour, endorsed the Board's proposal to distribute approximately JD108 million in cash dividends, constituting 130 percent of the company's capital, to shareholders. Abu Hadeeb highlighted Arab Potash's continued global significance in fertilizer supply despite challenges in the political, economic, security, and health domains over the past five years, leading to shifts in global trade dynamics. He emphasized the company's resilience in executing strategic initiatives amid regional disruptions, including those affecting Red Sea navigation and global fertilizer markets. Strategic projects implemented by the company enhanced production capabilities and facilitated entry into lucrative markets such as Brazil and Europe, enabling flexibility in response to market fluctuations. Record sales of approximately 2.9 million tons in 2023, coupled wit h cost reduction measures, yielded exceptional profits of around JD293 million. Arab Potash's contributions to the Jordanian economy included injecting over $1.5 billion into foreign currency reserves and investing about JD170 million in capital projects in 2023. Community investments exceeded 7 million dinars, targeting education, health, sports, culture, and infrastructure. The company upholds stringent corporate governance standards, fostering efficient planning and execution across its operations. Abu Hadeeb commended the Jordanian government's role in creating an investment-friendly environment through relevant legislation, aligning with the Economic Modernization Vision's objectives for the mining and fertilizer sectors. The CEO of the Arab Potash Company, Maan Ensour, highlighted the company's remarkable achievements amidst recent global and regional challenges. Over the past five years, the company amassed total profits of JD1.4 billion, with 2023 alone yielding approximately JD293 million in net p rofits. This marks the third-highest operating profit in the company's history. Despite the challenges, the company's implementation of its first strategic plan (2019-2023) fortified its foundations, diversified its products, and positioned it for future changes. The newly launched second plan (2024-2028) aims to bolster global competitiveness and solidify its role in Jordan's economic development, he pointed out. This strategic approach, he noted, led to significant gains, including a 12% increase in production since 2019, reaching 2.78 million tons in 2023 the company's highest production volume to date. Achieving this growth involved various projects to enhance factory efficiency, strengthen infrastructure, and modernize excavation methods, all meeting rigorous international standards. Source: Jordan News Agency