AMMAN — The General Assembly of the Jordan Phosphate Mines Company (JPMC) has approved the board of directors' report on the company's 2025 operations and its future action plan during its 72nd ordinary meeting.

 

During the meeting, held via video conference and led by JPMC Chairman of the Board of Directors, Mohammad Thneibat, the General Assembly approved the board’s recommendation to distribute cash dividends to shareholders at a rate of 170 per cent of the share’s nominal value, the Jordan News Agency, Petra, reported.

 

In an extraordinary meeting, the General Assembly agreed to increase the company’s capital by capitalising JD200 million from the retained earnings, which stand at JD1.471 billion, according to the Jordan News Agency, Petra, reported.

 

This increase represents 66.7 per cent of the authorised, subscribed, and paid-up capital. Free shares will be distributed to shareholders, bringing the total authorised and paid-up capital to JD500 million.

 

Thneibat highlighted that the company's progress is anchored in development programmes involving expanded capital expenditure, sustainable maintenance for production units, and job replacement policies, alongside continuous investment in staff training and qualification.

 

"Despite global market challenges, including falling prices and rising production costs, JPMC achieved distinguished financial results in 2025, Net profit after tax reached approximately JD603 million, reflecting the company’s financial stability and operational efficiency," he said.

 

The Chairman added that the Equity grew by more than JD194 million in 2025, an 11 per cent increase compared to 2024. Total assets reached JD2.367 billion by the end of 2025, up from JD2.133 billion the previous year a growth of roughly 11 per cent.

 

On national economic support, Thneibat noted that the group’s consolidated export sales reached around $2.214 billion, significantly contributing to narrowing the trade deficit and balance of payments while stabilising the national currency. Local sales to the domestic market and affiliates totalled $467 million.

 

According to the Chairman, The company’s direct contribution to state treasury revenues in 2025 amounted to JD227 million, covering income tax, mining royalties, customs, and land rentals.

 

Indirect contributions reached JD251 million through the profit shares of the Government Investments Management Company (GIMC) and the Social Security Corporation (SSC), bringing total direct and indirect support to the Treasury to around JD478 million.

 

Regarding investment projects, the Chairman underscored that feasibility studies for two phosphoric acid projects, with an estimated cost of JD1 billion and a production capacity of 700,000 tonnes, have been completed.

 

He said that the Design work for a joint phosphoric acid plant with Turkey's Transpet has also been finalised by the US-based JESA Company. The JD350 million project is expected to go to tender in early May 2026, with production slated for 2030.

 

Additionally, a feasibility study for a JD400 million joint venture with the Arab Potash Company (APC) to produce phosphoric acid and specialised fertilisers has been completed. The tender will be launched pending APC’s approval.

 

The Chairman highlighted that construction began last August on a JD25 million phosphate feed additives plant in Aqaba, in partnership with the Sinokrot Poultry Group and the Saudi Poultry and Dairy Technology Company. The plant, expected to start production in the first quarter of 2027, will provide 100 jobs.

 

Thneibat added that studies to increase the capacity of the Aqaba Industrial Complex are set for completion in early 2027. The JD85 million upgrade aims to boost phosphoric acid production by 140,000 tonnes, potentially increasing annual sales by $100 million.

 

Further developments include a tender for a 500,000-tonne fertiliser unit and a proposed JD70 million fertiliser warehouse, expected to be operational by 2029. Construction also commenced last July on a JD33.1 million ammonia tank in Aqaba, with a 40,000-tonne capacity, scheduled for use in 2027.

 

In February, a $192 million expansion contract for the Indo-Jordan Chemicals Company was awarded to China’s ECEC.

 

Expected to start production in late 2029, it will increase annual sales by roughly $160 million. Meanwhile, the phosphate washing and flotation plant in Shidiya has begun production, targeting an annual sales increase of at least $200 million.

 

A feasibility study is also underway for a $500 million joint venture with Oman National Energy to establish phosphoric acid plants in Jordan and a fertiliser plant in Salalah, Oman.

 

Thneibat emphasised that these projects represent a "qualitative shift" for JPMC, expected to increase sales by nearly $1 billion and profits by approximately JD200 million upon completion. These initiatives are also projected to create 1000 new jobs and provide a minimum $1 billion boost to the trade balance.

 

Underscoring its corporate social responsibility, Thneibat noted that the company has allocated JD62 million for national and community support initiatives, Petra reported.