Amman, April 20 (Petra) – The General Assembly of the Jordan Phosphate Mines Company (JPMC), during its 72nd Ordinary General Meeting, approved the Board of Directors' report on the company's performance in 2025 and its future work plan.

The meeting, held via video conference and chaired by Board Chair Mohammad Thneibat, approved the Board's recommendation to distribute cash dividends to shareholders at a rate of 170% of the nominal share value.

Shareholders ratified the appointment of Ibrahim Jazi as a member of the Board of Directors to complete the current board's term.

At an extraordinary general meeting, the Assembly approved a capital increase to JD500 million by capitalising JD200 million from retained earnings, which stood at JD1.47 billion representing 66.7% of the authorised, subscribed and paid-up capital.

The increase will be distributed as bonus shares to shareholders.

Thneibat said the company's progress is driven by development programmes that include expanded capital expenditure, enhanced maintenance strategies, succession planning and continuous investment in workforce training, all implemented through clear plans and measurable targets.

Despite global market challenges, including declining prices and rising production costs, the company achieved strong financial results in 2025. Net profit after tax reached approximately JD603 million, reflecting robust financial health and efficient operations.

He noted that shareholders' equity grew by more than JD194 million, or nearly 11%, compared to 2024. Total assets rose to JD2.367 billion at the end of 2025, up from JD2.133 billion a year earlier an increase of JD234 million, or about 11%.

On its contribution to the national economy, Thneibat said consolidated export sales reached $2.214 billion, helping reduce the trade and balance of payments deficits while supporting currency stability.

Domestic and intra-group sales totaled $467 million. The company contributed approximately JD227 million directly to public revenues in 2025 through taxes, royalties, customs and land lease fees.

Indirect contributions reached JD251 million through government-related shareholders, bringing total support to the treasury to around JD478 million.

Regarding investments, Thneibat highlighted ongoing and planned projects aimed at boosting revenues and strengthening competitiveness. These include feasibility studies for two phosphoric acid plants with a combined capacity of up to 700,000 tons and an estimated cost of JD1 billion.

He added that designs for a joint phosphoric acid plant with Turkish firm Transept, prepared by U.S.-based JESA, have been completed at JD350 million. A tender is expected in May 2026, with production targeted for 2030.

A feasibility study has been completed for a joint project with the Arab Potash Company to build a phosphoric acid and specialty fertiliser plant costing JD400 million. Tendering will proceed upon partner approval.

In Aqaba, construction is underway on a JD25 million phosphate feed additive plant in partnership with Sinqrot Poultry Group and the Saudi Poultry and Dairy Technology Company. Production is expected in the first quarter of 2027, creating 100 jobs.

Additional projects include expanding the Aqaba industrial complex (JD85 million), increasing phosphoric acid capacity to 140,000 tons and boosting annual sales by $100 million.

Plans are in progress for a 500,000-ton fertiliser unit and a JD70 million fertiliser warehouse, expected to be operational by 2029.

The company is building a new ammonia storage tank in Aqaba, with a capacity of 40,000 tons, expected to be operational in 2027 at a cost of JD33.1 million.

Thneibat said a $192 million expansion of the Indian-Jordanian Chemicals Company has been awarded to China's ECEC, with production expected by late 2029.

The expansion will increase output by 160,000 tons of phosphoric acid and 700,000 tons of sulfuric acid, generating an additional $160 million in annual sales.

The Al Shidiyah phosphate washing and flotation plant has begun operations with a capacity of 1.5 million tons annually, expected to boost phosphate sales by at least $200 million per year.

He noted a planned joint venture with Oman National Energy Company, involving phosphoric acid plants in Jordan and a fertiliser plant in Salalah, Oman, with an estimated cost of $500 million. Final bids are expected by mid-year.

Thneibat said these projects would significantly enhance the company's performance, increasing annual sales by nearly $1 billion and profits by about JD200 million once operational.

They are expected to create around 1,000 jobs and strengthen support for public finances through higher tax and royalty revenues.

He added that the projects would further support Jordan's trade balance and help address structural economic challenges while contributing to job creation, with JD62 million allocated for employment initiatives.

//Petra// AK