The Jordan Phosphate Mines Company (JPMC) posted a pre-tax net profit of JD141 million in the first quarter of 2023, while its post-tax profits amounted to JD103.4 million. According to data published by JPMC on the Amman Stock Exchange website, the company’s net sales for the reporting period reached JD313.5 million. The company produced 2.524 million tons of crude phosphate during the January-March period of this year, up from 2.349 million tons in the same period last year, marking an increase of 175,000 tons, the data revealed. Furthermore, the production of the phosphoric acid by Indo-Jordanian Chemical Company (IJC), fully owned by JPMC, and the Jordan Indian Fertilizer Company (JIFCO) increased in the first quarter of the current year, reaching 211,000 tons, compared to 160,000 tons in the same period of the previous year. Additionally, JPMC sold 206,000 tons of phosphoric acid during the reporting period, compared to 152,000 tons last year. Based on the data, it is evident that despite a substantial drop in the global pricing of the company’s products, resulting in a notable increase in the cost of sales to sales ratio by nearly 30 percent, the firm was still able to attain impressive returns on capital. The rate of return on legal capital surged to 125 percent in the first quarter of this fiscal year, indicating an efficient utilization of resources by the firm. The data also indicated a remarkable growth in equity, reaching JD1.588 billion in the first quarter of this year, compared to JD1.484 billion at the end of 2022, signaling an increase of more than 6 percent. The company’s total net assets increased to JD2.114 billion in quarter one of 2023, against JD2.07 billion in 2022.
Source: Jordan News Agency