Heimann: The increase in income is due to the rise in global potash prices and a record production of 597,000 tons
The Arab Potash Company (APC) achieved JD 25.7 million in consolidated net profit after tax, provisions and royalties in the first quarter (Q1) of 2018, compared to JD 25.3 million in the same period last year, an increase of 2%. Chief Executive Officer Brent Heimann, explained that the increase is an important achievement, because a large part of last year’s profits was due to the sale of APC’s share in Jordan Magnesia Company (JORMAG) which was completed in February 2017, resulting in a profit of JD 8 million as a non-operating activity. In 2018, non-operating profits were significantly lower and on comparing profits from operating activities, which amounted to JD 8 million last year, the increase in profit is 150%.
Mr. Heimann further added that the volume of potash produced in the first quarter of 2018 reached a record 597,000 metric tons compared with 557,000 tons in the same period of last year.
Mr. Heimann added that sales revenue rose 10% over the same period last year, mainly due to higher potash prices, as the global potash market is stabilizing after the disruptions of past years.