Latest news with #JD73
Jordan Times
05-05-2025
- Business
- Jordan Times
Lower House passes recommendations on Audit Bureau's 2022-2023 report, Virtual Assets Regulation Law
The Lower House passes on Monday the recommendations of its Finance Committee regarding the Audit Bureau's reports for the years 2022 and 2023 (Petra photo) AMMAN — The Lower House passed on Monday the recommendations of its Finance Committee regarding the Audit Bureau's reports for the years 2022 and 2023. The committee's recommendations include the formation of a permanent committee tasked with monitoring the spending of financial allocations for capital projects funded by loans and grants. The aim is to ensure that borrowing costs do not rise due to project delays or the failure to secure full funding from grants, the Jordan News Agency, Petra, reported. The committee has also recommended that grant and loan agreements be aligned with relevant laws and called for conducting feasibility studies for capital projects, and for halting the transfer of financial allocations between projects that do not yield significant results. It also highlighted the importance of implementing water loss reduction projects. MP Awni Zou'bi, the committee's rapporteur, said that "the lack of cooperation between the concerned departments and the Ministry of Public Works has contributed to delays in project completion, higher borrowing costs, and financial penalties,' calling for holding accountable those behind 'administrative negligence.' The committee also called for a review of contract terms to identify weaknesses and address instances of negligence in fulfilling contractual obligations. 'The arbitration decisions had resulted in payments of around JD73 million from the Treasury in connection with 108 concluded cases,' Zou'bi said. The committee has also recommended a review of the objectives and financial sustainability of the state-owned companies in which the government holds a 50 per cent stake to ensure that they do not incur further losses that could burden the Treasury in the future, according to Petra. The committee emphasised the need for state-owned companies to comply with corporate law, issue financial statements in accordance with legal deadlines, and adopt strategies to reduce operating costs. Also on Monday, the House approved the draft law on regulating the handling of virtual assets for the year 2025. Head of the Parliamentary Committee on Digital Economy, Hussein Khreisha, said the draft law 'will not prevent citizens from trading in virtual currencies and licensed platforms, hailing the dedicated follow-up by HRH Crown Prince Hussein for the attention he pays to the digital economy and virtual assets. He said that the issue plays an important role in empowering Jordanian youth with modern tools and enhancing their role in building a knowledge-based and innovative economy. He added that passing the Virtual Assets Regulation Law is a pivotal step aligned with Royal directives calling for keeping pace with global technological advancements and enhancing Jordan's standing in digital innovation. He pointed out that the law is no longer a 'deferred option, but a pressing national necessity in light of the official ban on this type of transaction, especially with regard to the growth in citizen activity in the field.' 'Estimates suggest that over 100,000 Jordanians trade virtual assets through global platforms, with a transaction volume nearing JD900 million,' he said. Minister of Political and Parliamentary Affairs Abdul Moneim Odat said that the law requires service providers to be legal entities and to register a company in Jordan, with known capital, budget, and location, to ensure a legal framework for those dealing with such companies and to provide legal and rights-based guarantees. He added that the law will regulate dealings in virtual assets instead of leaving them unlegislated, saying, 'Today, this law enters Jordan's legislative environment, and in its minimum form, aligns with all other existing legislation. The law is in the interest of citizens dealing in virtual assets.' Minister of State for Economic Affairs Muhannad Shehadeh said that one of the main reasons behind the draft law 'is the large volume of trading by Jordanians through digital platforms based outside of Jordan, estimated at around JD900 million.' Page 2
Zawya
28-04-2025
- Business
- Zawya
Jordan Petroleum Refinery Company ratifies 2024 financial results
AMMAN — The General Assembly of the Jordan Petroleum Refinery Company (JPRC) ratified the company's financial results for the fiscal year ending 2024, along with its management report, during its 69th ordinary meeting of shareholders, held via videoconference. 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. (
Jordan Times
27-04-2025
- Business
- Jordan Times
JPRC ratifies 2024 financial results
The General Assembly of the Jordan Petroleum Refinery Company ratifies the company's financial results for the fiscal year ending 2024 (Petra photo) AMMAN — The General Assembly of the Jordan Petroleum Refinery Company (JPRC) ratified the company's financial results for the fiscal year ending 2024, along with its management report, during its 69th ordinary meeting of shareholders, held via videoconference. 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.
Jordan Times
25-03-2025
- Business
- Jordan Times
JPRC reports net profits of JD73m in 2024
The board of the Jordan Petroleum Refinery Company proposes distributing cash dividends of 50 per cent of the paid-up capital, equivalent to JD0.5 per share (File photo) AMMAN — The Jordan Petroleum Refinery Company (JPRC) has announced net profits of JD73 million by the end of 2024 and net operating revenues of some JD174 million. During a meeting chaired by JPRC Chairman Abdulrahim Baqaei, the company's board of directors recommended holding the general assembly meeting at 11:00am on April 27 via video and electronic communication, the Jordan News Agency, Petra, reported. The board proposed distributing cash dividends of 50 per cent of the paid-up capital, equivalent to JD0.5 per share, net of tax. The dividends will be disbursed to shareholders registered in the company's records as of the date of the general assembly meeting. The company announced a donation of JD50,000 to the Jordan Hashemite Charity Organisation to support its efforts in providing aid to those affected in the Gaza Strip. This donation underscores the company's commitment to its humanitarian responsibilities and dedication to supporting just causes during times of crisis, particularly given the dire situation in Gaza. The board discussed policies aimed at enhancing financial sustainability and recommended allocating 10 per cent of the annual net profits from the operations of the Jordan Petroleum Products Marketing Company and the Jordan Mineral Oil Industries Company both wholly owned subsidiaries of the JPRC into the statutory reserve account. The board decided to continue suspending the statutory reserve deduction from the annual net profits of the company's remaining activities. The board recommended allocating JD4 million to the voluntary reserve account, in line with its previous decisions, and some JD18.9 million to a special reserve account designated for the fourth expansion project. It also agreed to utilise the accumulated balance in the voluntary reserve account to support the project. Baqaei stressed that the company's positive financial results stem from ongoing efforts to enhance operational efficiency and improve financial performance. He noted that the profits will bolster the company's production capabilities and ensure the sustainability of its operations. He reiterated the company's commitment to creating sustainable value for its shareholders, adding that the dividend distribution reflects appreciation for their continued trust and support. Baqaei said that the company is committed to improving financial performance and advancing its strategic projects to enhance shareholder returns and meet their expectations.
Jordan Times
28-01-2025
- Business
- Jordan Times
Prime minister visits seven development, tourism, youth sites in Ajloun
Prime Minister Jafar Hassan on Tuesday visits seven development sites in the northern city of Ajloun, as part of the government's ongoing outreach across the Kingdom (Petra photo) AMMAN — Prime Minister Jafar Hassan on Tuesday visited seven key development sites in the northern city of Ajloun, as part of the government's ongoing outreach across the Kingdom. Hassan visited agriculture, industry, tourism, health, and youth development sites, according to a Prime Ministry statement. At the Northern Ajloun Villages Association in Sakhrah, the prime minister commended the "group's innovative approach to food processing and crop management." The association's operations in cooling, drying, and packaging vegetables and fruits provide vital jobs for locals, particularly women, the statement said. 'This association is a model for agricultural productivity and food manufacturing,' Hassan said, announcing plans to supply the group with advanced packaging equipment and tools to improve marketing and exports, especially to Gulf countries. "The government will also fund the association's rent for a decade to secure its financial sustainability." At the Ajloun Vocational Training Institute, which trains 250 youth across 15 fields, Hassan engaged with trainees and listened to their aspirations. He promised immediate action to address transportation issues for students and announced measures to support them post-graduation, including linking them with job opportunities and providing start-up equipment for small businesses, according to the statement. 'We will also expand training in key sectors such as hybrid and electric vehicle maintenance, ensuring these programmes align with labour market demands,' he said, adding that new computers and air conditioning systems would be provided for the institute's workshops. The prime minister visited the Advanced Technology Garment Manufacturing Company in Ajloun, which employs around 300 women, most of whom are university graduates. 'This company exemplifies how local investments can drive economic growth while creating safe and supportive workplaces,' he noted. The company plans to expand operations by adding a production line after Ramadan, creating 60 new jobs, and constructing an additional floor by 2026 to accommodate 150 more workers. The factory, which exports to the US, reported a JD73 million export total in 2024, with production efficiency reaching 85 per cent, one of the highest globally, the statement said. The historic Mar Elias Church, a major Christian pilgrimage site, was part of the premier's visit, where he called for expedited restoration efforts and improved visitor services to enhance its appeal. Recognised as one of the five Christian pilgrimage destinations designated by the Vatican in Jordan, the church is among the largest in the Kingdom and serves as the second Christian pilgrimage site in Ajloun after Our Lady of the Mountain Church. At the Ajloun Cable Car Station, which attracted 365,000 visitors last year, the prime minister emphasized the project's role in boosting the region's profile. He directed officials to ensure the cable car system is ready for the tourist season and proposed extending the route to Mar Elias Hill, linking the area's religious and cultural landmarks. Hassan's visit to the Ajloun Comprehensive Health Center included directives to build a new facility by 2026. The center, currently housed in a rented building, will move to ministry-owned land to enhance accessibility and services. At the Ajloun Youth Center, Hassan met with young people to discuss their priorities. He urged a reevaluation of youth programs to better align with market demands. 'The energy of our youth must be harnessed not just for their personal growth but for the betterment of their communities,' Hassan said, encouraging youth involvement in tourism initiatives such as site clean-up and preservation campaigns. Ministers of agriculture, tourism, health, and local administration accompanied the prime minister.
