Amman: The Jordan Petroleum Refinery Company has reported net profits of JD73 million by the end of 2024, alongside net operating revenues of approximately JD174 million. During a recent meeting led by Board Chair Abdul Rahim ABaqaei, the company’s board of directors decided to hold the general assembly meeting on April 27 at 11:00 a.m. through video and electronic communication.
According to Jordan News Agency, the board proposed a distribution of cash dividends amounting to 50% of the paid-up capital, which equates to 500 fils per share, net of tax. These dividends will be distributed to shareholders who are registered in the company’s records as of the date of the general assembly meeting. Additionally, the company has pledged a JD50,000 donation to the Jordan Hashemite Charity Organisation (JHCO) to aid those affected in the Gaza Strip, reflecting its commitment to humanitarian causes.
The board also discussed policies aimed at enhancing financial sustainability, suggesting that 10% of the annual net profits from the Jordan Petroleum Products Marketing Company and the Jordan Mineral Oil Industries Company, both subsidiaries of the Jordan Petroleum Refinery Company, be allocated to the statutory reserve account. However, the board has decided to continue suspending the statutory reserve deduction from the annual net profits of the company’s other activities.
Furthermore, the board recommended allocating JD4 million to the voluntary reserve account, consistent with previous decisions, and approximately JD18.9 million to a special reserve account designated for the fourth expansion project. The accumulated balance in the voluntary reserve account will be utilized to support this project.
Baqaei highlighted that the positive financial results are a consequence of ongoing efforts to enhance operational efficiency and improve financial performance, which in turn will bolster the company’s production capabilities and ensure the sustainability of its operations. He reiterated the company’s dedication to creating sustainable value for its shareholders, emphasizing that the dividend distribution reflects appreciation for their continued trust and support. Baqaei also stated the company’s commitment to improving financial performance and advancing strategic projects to enhance shareholder returns and meet their expectations.