Latest news with #JordanPetroleumRefineryCompany
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
26-03-2025
- Business
- Jordan Times
JPRC commits 5% of annual profits to support health, education
The Board of Directors of the Jordan Petroleum Refinery Company (JPRC) allocates a corporate social responsibility initiative to support the health and education sectors over the next three years (Petra photo) AMMAN — The Board of Directors of the Jordan Petroleum Refinery Company (JPRC) has allocated a corporate social responsibility initiative to support the health and education sectors over the next three years, allocating 5 per cent of the company's annual profits to the effort. JPRC Chairperson Abdul Rahim Baqai emphasised that the decision reflects the company's national commitment, highlighting investment in health and education as a strategic priority for fostering long-term stability and societal advancement, the Jordan News Agency, Petra, reported. Baqai noted that the initiative aligns with JPRC's broader efforts to promote sustainable development and strengthen community partnerships. He reaffirmed the company's dedication to launching impactful projects that enhance health and education services across the Kingdom. The announcement comes amid a series of corporate social responsibility commitments from major Jordanian companies. The Association of Banks in Jordan recently pledged JD90 million to support health and education initiatives, while the Jordan Phosphate Mines Company allocated JD40 million earlier this week. Speaking recently at the launch of the Jordan Phosphate Mines Company's initiative, Prime Minister Jafar Hassan stressed that corporate social responsibility should extend beyond donations and charity to include sustainable development policies that address national priorities and long-term challenges. He commended the private sector's role in driving development efforts and encouraged further institutional participation in national initiatives. Page 2
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.
