May 1, 2017 / 10:32 AM / 2 years ago

Jordan's Arab Potash Company reports 12 pct rise in quarterly profit

AMMAN, May 1 (Reuters) - Jordan’s Arab Potash Company (APC) said net profit for the first quarter rose 12 percent to 26.3 million dinars ($37 million) after it agreed annual contracts with China and India.

Net revenue was up 39 percent to 100 million dinars at end of March compared with last year, the firm said in a statement on Monday, with volumes almost doubling to a record 603,000 tonnes in the period.

The increase came from annual contracts with China and India that had been delayed in 2016 being carried over to the first quarter this year, Chairman Jamal Sarayrah said.

The contracts offset an overall drop in international sales, which had reached their lowest in 10 years, Sarayrah said.

But the outlook was positive “with all long term indicators pointing to rising demand for potash,” the company’s chairman said.

Potash Corporation of Saskatchewan Inc, the world’s largest fertilizer producer, owns around a third of the Jordanian company. ($1=0.709 dinars) (Reporting by Suleiman Al-Khalidi, editing by Louise Heavens)

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