Arab Potash Company H1 net profit up 30% on higher sales, output

31 July 2018 10:43 Source:ICIS News

LONDON (ICIS)--Arab Potash Company (APC) posted during the January-June period an increase in net profit of 30%, year on year, to  Jordanian dinar (JD) 52.7m ($74.3m), the Middle Eastern muriate of potash (MOP) major said on Tuesday.

The Jordanian producer attributed the increase to strong sales for the first half, totalling 1.2m tonnes – a 4% year-on-year increase – supported by a 10% increase in production, to 1.21m tonnes.

APC also reduced the cost of production by 5% per tonne, thanks to “energy saving solutions”.

The company used the announcement to reiterate its plans to study the Lisan peninsula, in co-operation with the Jordanian government, with the aim of expanding its capacity beyond the planned 180,000 tonne/year expansion project already in progress.

(JD1 = $1.41)

By Andy Hemphill