Latest news with #JD95
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.
Zawya
10-03-2025
- Business
- Zawya
Jordan: Al Muwaqqar Industrial Estate attracts $14mln food manufacturing investment
AMMAN: The Jordan Industrial Estates Company (JIEC) and Al Mithaliah Arab Company for Juice and Beverage Manufacturing on Saturday signed a JD-10 million investment deal for a new food production facility. The agreement, which will establish a 33-dunum facility in Al Muwaqqar Industrial Estate, is expected to create some 150 jobs during its initial operational phase, the Jordan News Agency, Petra, reported. "Jordan's industrial cities, particularly Al Muwaqqar, have become the premier destination for manufacturers looking to establish operations in the Kingdom," said JIEC Director General Omar Juwaid, who signed the agreement with Zaid Bazzaz, General Manager of the Al Mithaliah Arab Company. Juwaid attributed this growing interest to the competitive investment environment created through tax and customs exemptions, payment facilities, and other incentives provided under Jordan's Investment Law. "This partnership with Al Mithaliah Arab Company represents one of our most significant investments in the food sector and will showcase Jordanian product quality in markets throughout the region and beyond," Juwaid added. Al Muwaqqar facility continues its rapid growth trajectory, attracting 26 industrial companies with investments totalling JD95 million in 2024 alone. The industrial estate now hosts 103 companies across food manufacturing, engineering, packaging, textiles, and other sectors, with a cumulative investment of JD641 million that has generated more than 4,700 jobs. Bazzaz described Al Mithaliah Arab Company as "a leading regional beverage manufacturer committed to developing local production capacity to serve both domestic and export markets." "We selected Al Muwaqqar after careful evaluation of the incentives and logistics advantages that will enable us to reach global markets efficiently," he said, noting that the agreement demonstrates a shared commitment to enhancing Jordan's industrial ecosystem through modern infrastructure development. Established in 2011, Al Muwaqqar Industrial Estate spans 2,500 dunums developed across three phases, with its most recent expansion adding 305 dunums to accommodate growing demand, according to Petra. The facility is strategically located east of Amman near the international highway connecting Jordan with Saudi Arabia and Iraq. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
08-03-2025
- Business
- Jordan Times
Al Muwaqqar Industrial Estate attracts JD10m food manufacturing investment
The agreement, which will establish a 33-dunum facility in Al Muwaqqar Industrial Estate, is expected to create some 150 jobs during its initial operational phase (Photo courtesy of the Jordan Industrial Estates Company) AMMAN — The Jordan Industrial Estates Company (JIEC) and Al Mithaliah Arab Company for Juice and Beverage Manufacturing on Saturday signed a JD-10 million investment deal for a new food production facility. The agreement, which will establish a 33-dunum facility in Al Muwaqqar Industrial Estate, is expected to create some 150 jobs during its initial operational phase, the Jordan News Agency, Petra, reported. "Jordan's industrial cities, particularly Al Muwaqqar, have become the premier destination for manufacturers looking to establish operations in the Kingdom," said JIEC Director General Omar Juwaid, who signed the agreement with Zaid Bazzaz, General Manager of the Al Mithaliah Arab Company. Juwaid attributed this growing interest to the competitive investment environment created through tax and customs exemptions, payment facilities, and other incentives provided under Jordan's Investment Law. "This partnership with Al Mithaliah Arab Company represents one of our most significant investments in the food sector and will showcase Jordanian product quality in markets throughout the region and beyond," Juwaid added. Al Muwaqqar facility continues its rapid growth trajectory, attracting 26 industrial companies with investments totalling JD95 million in 2024 alone. The industrial estate now hosts 103 companies across food manufacturing, engineering, packaging, textiles, and other sectors, with a cumulative investment of JD641 million that has generated more than 4,700 jobs. Bazzaz described Al Mithaliah Arab Company as "a leading regional beverage manufacturer committed to developing local production capacity to serve both domestic and export markets." "We selected Al Muwaqqar after careful evaluation of the incentives and logistics advantages that will enable us to reach global markets efficiently," he said, noting that the agreement demonstrates a shared commitment to enhancing Jordan's industrial ecosystem through modern infrastructure development. Established in 2011, Al Muwaqqar Industrial Estate spans 2,500 dunums developed across three phases, with its most recent expansion adding 305 dunums to accommodate growing demand, according to Petra. The facility is strategically located east of Amman near the international highway connecting Jordan with Saudi Arabia and Iraq.
