AMMAN — Jordan Phosphate Mines Company (JPMC) Chairman of the Board of Directors Mohammad Thneibat said the company has achieved a major turnaround in its financial and operational performance between 2018 and 2025, overcoming significant financial and administrative challenges through a comprehensive reform plan and a clear strategic vision.

 

He said the strategy focused on improving production processes, enhancing operational efficiency, and strengthening governance and transparency, which helped reinforce the company’s financial position and overall performance, the Jordan News Agency, Petra, reported.

 

Speaking at a seminar organised by the Jordanian Association for Science and Culture titled "A Reading into Jordan’s Mining Sector: Phosphate as a Model."

 

Thneibat said the company moved from losses of around JD90 million at the end of 2016 to cumulative net profits of JD2.647 billion during 2018–2025, compared with total profits of JD887.8 million from its establishment in 1954 until the end of 2017.

 

He added that the company fully repaid its debts by 2022, after liabilities stood at JD411 million in 2016, while cash deposits reached JD1.6 billion by the end of 2025.

 

Thneibat said the company adopted a recovery roadmap in 2017 based on national expertise, aiming to restore profitability, enhance competitiveness, increase production and rebuild institutional confidence.

 

He noted that the plan included expanding capital expenditure, upgrading maintenance programmes, investing in workforce training, and entering new markets, in addition to a long-term strategy extending to 2040 to strengthen the company’s regional and global presence.

 

He said sales rose from JD811 million in 2018 to JD1.741 billion in 2025, while total assets increased from JD1.122 billion to JD2.367 billion over the same period.

 

Shareholders' equity climbed from JD682 million to JD2.009 billion, while market capitalisation surged from JD234 million in 2018 to JD8.574 billion based on the closing share price on May 10, he added.

 

Thneibat said the company distributed about JD1.681 billion in cash dividends to shareholders between 2018 and 2025, in addition to bonus shares that increased capital to JD500 million by 2025.

 

He added that phosphate production rose from 8 million tonnes in 2018 to 12.14 million tonnes in 2025, while phosphoric acid output increased from 900,000 tonnes to 1.36 million tonnes, and phosphate fertiliser production reached 1 million tonnes.

 

He also said cost-cutting measures generated JD546 million in savings through restructuring, introducing competition in mining tenders, and switching from fuel to natural gas.

 

Thneibat added that the company expanded downstream industries and established new factories to increase value-added production and job creation, while also opening new markets and regaining previously closed ones, strengthening the global position of Jordanian phosphate products.

 

He noted that JPMC ranked 51st on Forbes' list of the Middle East and North Africa’s top 100 companies, climbing 20 places from its previous ranking.

 

He also highlighted several expansion projects, including a $600 million industrial complex in Eshidiya in partnership with the Arab Potash Company (APC) and a $500 million Jordanian–Turkish phosphoric acid project in Aqaba, alongside projects aimed at increasing production capacity and storage facilities.

 

He said these projects are expected to boost sales by nearly $1 billion and increase profits by around JD200 million once operational, while creating about 1,000 jobs and increasing contributions to the Treasury.

 

JPMC Chief Executive Officer Abdel Wahab Rawad said the company is pressing ahead with a series of expansion projects aimed at developing industrial complexes and increasing production capacity, particularly in Aqaba and Eshidiya.

 

He added that the company is strengthening regional and international partnerships to expand investments, open new markets for phosphate products, and support growth through new industrial projects.

 

President of the Jordanian Association for Science and Culture Sameer Habashneh said JPMC’s achievements in recent years reflect a model of institutional transformation, sound management, and strategic planning.

 

He described the company’s experience as a national success story and a model for both public and private sector institutions, citing its governance standards, institutional discipline, and performance achievements, Petra reported.