Jordan Petroleum Refinery Company ratifies 2024 financial results
According to a company statement, the meeting reviewed the financial outcomes for 2024, which reflected continued strong performance and profitability for shareholders.
The company's pre-tax profits, including those of its subsidiaries, amounted to around JD95 million, with net profits after tax reaching JD73 million.
The financial report also highlighted a notable increase in the company's total assets, which rose to around JD1.8 billion in 2024, up from JD1.438 billion in 2023, a growth of around JD362 million, or 25 per cent year-on-year.
The increase was largely driven by a rise of about JD78 million in current assets, primarily attributed to a JD148 million rise in "debtors and other receivables," due to higher outstanding debt from the Ministry of Finance, other ministries, and government entities.
Regarding liabilities, total obligations for 2024 amounted to JD1.132 billion, compared with JD1.070 billion in 2023, reflecting a rise of JD62 million, or 6 per cent. The increase was mainly attributed to a JD65 million rise in current liabilities, stemming from a JD102 million rise in "creditor banks," aimed at financing government debt.
Shareholders' equity at the end of 2024 stood at approximately JD661 million, a significant increase from JD360 million in 2023, an 84 per cent growth. This surge was primarily driven by the revaluation of land at fair market value, in addition to the profits generated during the year.
Chairman of the Board Abdul Rahim Buqai emphasised the company's ongoing commitment to driving shared success with its shareholders. He reiterated that the company remains focused on strategic plans aimed at ensuring growth and prosperity despite regional challenges.
Buqai also provided an update on the company's Fourth Expansion Project, also known as the "Refinery Modernisation." He described the project as one of the company's most vital initiatives for long-term sustainability.
He also noted that negotiations with the consortium comprising China's Sinopec Group and Japan's Itochu Corporation were halted due to a failure to reach an agreement with US-based KBR, the license holder. Additional factors contributing to the delay included rising costs and the withdrawal of financial backers due to regional instability.
He also noted that the company has decided to move forward with the project, which aims to expand the refinery's capacity to 73,000 barrels per day.
© Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Dubai Eye
6 hours ago
- Dubai Eye
Fistful of dollars for Vietnamese farmers displaced for Trump golf club
News Home More from International Reuters Vietnamese farmers face threat of being displaced and jobless as US President Donald Trump's family-backed golf resort is scheduled for construction next month in Hung Yen province. Thousands of villagers are being offered compensation packages worth $3,200 and rice provisions to vacate the land, their home and only source of livelihood, according to six people with direct knowledge and documents seen by Reuters. The project is the first partnership for the family business of Trump in Vietnam, which fast-tracked approvals as it negotiated a crucial trade deal with Washington. Developers have cut compensation forecasts from an initial estimate exceeding $500 million, said one person familiar with the plans, not disclosing reasons for the reduction. The 990-hectare site designated for the golf course currently supports fruit farms growing bananas, longan and other crops. While some see opportunity, many farmers are elderly and fear they won't find an alternative means of survival. Vietnamese real estate company Kinhbac City and its partners will develop the luxury golf club after paying the Trump Organisation $5 million for brand licensing rights, according to regulatory filings and a source familiar with the deal. Vietnam's argiculture ministry, Hung Yen authorities, the Trump Organisation and Kinhbac City did not reply to questions on compensation rates. Vietnam's Prime Minister Pham Minh Chinh said farmers would be reimbursed fairly when he spoke in May at the groundbreaking ceremony for the golf project. Conversely, lawyers and investors in the province said the golf club would create better jobs and enrich villagers. Israel strike kills Al Jazeera journalists in Gaza A prominent Al Jazeera journalist, who had previously been threatened by Israel, was killed along with four colleagues in an Israeli airstrike on Sunday, in an attack condemned by journalists and rights groups. Israel strike kills Al Jazeera journalists in Gaza Australia to recognise Palestinian state at UN in September Australia will recognise a Palestinian state at next month's United Nations General Assembly, Prime Minister Anthony Albanese said on Monday, a move that adds to international pressure on Israel after similar announcements from France, Britain and Canada. Australia to recognise Palestinian state at UN in September India's top court orders Delhi authorities to move stray dogs to shelters India's top court ordered authorities in the capital Delhi and its suburbs on Monday to relocate all stray dogs to shelters within eight weeks, according to the Live Law website, after media reports of a rise in cases of rabies, especially among children. India's top court orders Delhi authorities to move stray dogs to shelters Arab League condemns Israeli plan to impose control over Gaza The Council of the Arab League has condemned the Israeli government's plans to impose military control over the Gaza Strip and displace its population, stating it constitutes a violation of international law and a threat to Arab and regional security. Arab League condemns Israeli plan to impose control over Gaza Firefighters battle 'fire whirls' in northern Spain Extreme heat and strong winds caused "fire whirls" as a blaze burned several houses and forced the evacuation of hundreds of people from near a UNESCO-listed national park in northern Spain, authorities said on Monday.
Zawya
28-07-2025
- Zawya
General Assembly Bahrain expands tech offerings with Data Science in Bahrain in partnership with Tamkeen
Bahrain - General Assembly Bahrain has announced the launch of a comprehensive Data Science program offered through three flexible learning paths, designed to accommodate learning needs at various career stages. Offered in partnership with the Labour Fund (Tamkeen), the program equips learners with the practical tools, hands-on experience, and career support required to succeed in today's data-driven workforce. Tamkeen's support for this program aligns with its 2025 strategic priorities, which aim to enhance the competitiveness of Bahraini nationals in the private sector, equip them with the right skills for career advancement, and prioritize the growth, digital transformation, and sustainability of enterprises. The program covers key skills including statistical modeling, Python programming, data visualization, machine learning, and natural language processing (NLP). Delivered through real-world projects and case studies, the program equips learners with critical analytical and decision-making capabilities essential for today's most in-demand data-driven roles across industries. It is offered in three flexible formats: Full-time, Part-time, and Career Development. 'As Bahrain advances its tech transformation, the growing demand for skilled data professionals presents a critical yet promising opportunity to develop local talent," said Ahlam Oun, Director of General Assembly Bahrain. "Our new Data Science Bootcamp, supported by Tamkeen, meets this need by offering flexible, career-compatible training that empowers individuals to upskill without pausing their careers. More than just a course, it's a strategic step toward shaping Bahrain's digital future through hands-on learning in AI, machine learning, and data analytics." Commenting on the upcoming Data Career Development Program, she added, "This program delivers targeted upskilling solutions for organizations and their employees, creating a complete pipeline for Bahrain's data talent needs while allowing participants to learn while working." 'Data Science and Machine Learning is one of the most promising fields for today's youth, and programs like this play a crucial role in supporting fresh talent as well as early-career professionals deepen their skills and advance into more specialized roles,' said Marwa Al Eskafi, Director of Talent, Enterprise, and Entrepreneurship Enablement, Tamkeen. 'By taking part, Bahraini youth are positioning themselves as employees of choice - ensuring their own growth and the nation's competitiveness.' Tamkeen's Sector Skills Reports, launched by Skills Bahrain, highlight a growing demand for talent in data analytics, machine learning, and digital tools across multiple industries. In finance, banks are automating services to support the country's cashless, digital transformation. However, the rapid pace of digital transformation in FinTech has outstripped the current workforce's skills - especially in analytics and machine learning - highlighting the need for skill development in these areas. In telecommunications, the sector report identifies data analytics and machine learning as essential for future growth, while in the public sector, government initiatives are using machine learning and analytics to improve services, including airport operations, environmental monitoring and beyond. Logistics companies are also leveraging data science and machine learning to boost efficiency and stay competitive. Similar skill gaps also exist in Bahrain's healthcare, manufacturing, retail, and energy sectors, reflecting the growing need to equip national talent in these fields. All three formats - Full-Time, Part-Time, and Career Development - feature hands-on projects, career coaching, and access to Bahrain's leading instructors and employer networks. About General Assembly: General Assembly Bahrain plays a crucial role in enhancing the tech skills of Bahrainis. Offering courses in software engineering, UX design, and data analytics, General Assembly Bahrain aligns its curriculum with market trends. Notably, General Assembly Bahrain has achieved a significant positive outcomes rate for its graduates, including employment, freelancing and entrepreneurial opportunities, underscoring its commitment to bridging the digital skills gap in the Kingdom.
Zawya
21-07-2025
- Zawya
General Assembly Bahrain wins PowerList 2025 Award
Bahrain - General Assembly Bahrain proudly announces its recognition with the prestigious Excellence in Skill Development award at the 2025 PowerList Awards. The ceremony, held on June 30 under the patronage of H.E. Ali bin Saleh Al Saleh, Chairman of the Shura Council of Bahrain, celebrated exceptional leadership and impact across sectors in the Middle East. The Excellence in Skill Development award honors organizations whose upskilling efforts contribute to wider social inclusion, economic empowerment, and sustainable workforce growth. General Assembly was lauded for its measurable impact on Bahrain's workforce readiness and long-term competitiveness. Since launching in July 2022, GA has trained over 1,500 Bahrainis - achieving an impressive ~93% graduation rate and ~80% positive career outcomes, enabled by strong employer partnerships and integrated career support services. These results are driven by GA's learner-first approach and continuous program innovation. In 2024, this commitment took shape through the introduction of new training formats - part-time bootcamps and career development tracks in Python, Java, and Data Science - designed to serve learners at every stage, from students and job seekers to career changers and working professionals. With a curriculum spanning UX design, data analytics, and emerging tech like AI, GA ensures its graduates are equipped for today's evolving job market. Ahlam Oun, Director of General Assembly Bahrain, commented on the achievement: 'This award affirms General Assembly's role as a national engine for digital transformation. We're building Bahrain's tech talent infrastructure through new program formats and strategic partnerships that close the digital skills gap and drive Vision 2030 forward. This is a proud milestone, and we remain committed to building a future- ready workforce.' General Assembly remains committed to upskilling Bahrain's youth, positioning them as employees of choice. Whether you're launching a career in tech or looking to move to the next stage, you can learn more about GA's courses at About General Assembly: General Assembly Bahrain, plays a crucial role in enhancing the tech skills of Bahrainis. Offering courses like software engineering, UX design, and data analytics, it aligns its curriculum with market trends. Notably, General Assembly Bahrain has achieved a significant positive outcome rate for its graduates, including employment, freelancing and entrepreneurial opportunities, underscoring its commitment to bridging the digital skills gap in the Kingdom.
