Khaberni - The Board of Directors of the Jordan Petroleum Refinery Company held today, Sunday, the seventieth ordinary meeting of the general assembly, via video and electronic communication, in the presence of the Chairman of the Board, Engineer Abdul Rahim Al-Baqa'i, board members, the CEO, Engineer Hassan Al-Hayyari, and the representative of the General Controller of Companies, Mr. Hashem Al-Harsh.
At the beginning of the meeting, the general assembly of the company's shareholders approved the Board's recommendation to distribute cash dividends to shareholders at 50 percent of the paid-up capital of the company as of the date of the meeting, a step reflecting the strength of the company's financial position and its continued ability to achieve stable and rewarding returns for shareholders.
The company's net profit at the end of 2025 was about 75.5 million dinars, compared to about 73 million dinars in 2024, affirming the company's ability to maintain profitable and stable profit levels despite the significant challenges it faced in maintaining uninterrupted supply chain continuity and dealing with fluctuations in crude oil prices, oil derivatives, and rising shipping and insurance costs.
The general assembly also approved the Board's recommendation to allocate 5 million dinars to the voluntary reserve account, alongside allocating about 19.5 million dinars to the reserve account for the fourth expansion project "Refinery Modernization".
The general assembly also approved the deduction of 10 percent of the annual net profits of the wholly owned subsidiary companies, which are the Jordan Petroleum Products Marketing Company, the Jordan Mineral Oils Industry Company, and the Jordan Liquefied Gas Filling and Manufacturing Company, for the compulsory reserve account, while continuing to stop the deduction of 10 percent of the annual net profits of the rest of the company's activities, achieving a balance between cash dividend distribution and maintaining the strength of the financial position of the company.
In terms of financial and operational performance, the company's net sales during the year 2025 reached approximately 1.5 billion dinars, resulting from the sale of ready oil derivatives, liquefied gas, and mineral oils, a clear indicator of the scale of activity managed by the company in the local market and the vital role it plays in securing the Kingdom's needs for various types of oil derivatives.
The company's financial statements also showed the dues owed to it by the government at the end of 2025, amounting to about 613 million dinars.
In his speech during the meeting, the Chairman of the Board, Engineer Abdul Rahim Al-Baqa'i, confirmed that the company continued during the year 2025 to maintain its prestigious position to remain the leading company in the energy sector in the Kingdom, despite the significant challenges it faced due to geopolitical tensions in the Middle East region, indicating that the company succeeded in maintaining a stable and rewarding profit pace over the last five years, reflecting the robustness of its financial position and the stability, diversity, and development of its various activities and its ability to adapt to the challenges it faces
Al-Baqa'i explained that this stability in financial performance is proof of the company's success in achieving its strategic goals and future vision, through effective implementation of its strategic and short-term plans, especially in light of the sharp fluctuations in the prices of crude oil and ready oil derivatives experienced in 2025, in addition to the challenges associated with maintaining the continuity of supply chains.
In a related context, Al-Baqa'i mentioned the negative repercussions of the American-Israeli-Iranian war on the supply chains of crude oil and ready oil derivatives, and the resulting price increases and shipping and insurance costs, explaining that the company dealt with these challenges by adjusting its plans during 2026, and taking a package of emergency and precautionary measures that ensure the operational continuity of its business and energy security in the Kingdom without interruption and at the lowest possible costs.
He pointed out that these measures included enhancing operational inventory levels, diversifying supply sources, and improving cost management efficiency, enabling the company to continuously secure the Kingdom's needs for ready oil derivatives and liquefied gas without interruption.
Al-Baqa'i affirmed the company's commitment to providing high-quality products and services that meet customer expectations and keep pace with the best local and international practices, revealing at the same time the company's direction towards expanding the export of its products to foreign markets in neighboring countries, benefiting from the current opportunities in this field, which enhances the diversification of revenue sources and supports its regional presence.
For his part, the CEO, Engineer Hassan Al-Hayyari, reviewed the details of the fourth expansion project "Refinery Modernization", confirming that the company decided to proceed with the project with a production capacity of 73,000 barrels per day, ensuring full coverage of the Jordan Petroleum Products Marketing Company's needs, the marketing arm of the company, for ready oil derivatives.
He added that the project includes the introduction of advanced production units aimed at improving product quality to comply with the latest local and international specifications, in addition to adding a specialized unit for converting heavy crude oil into lighter products with higher selling value, contributing to enhancing operational efficiency and maximizing the added value for the company's shareholders.
He explained that the decision to adopt this technical path for the project would lead to a reduction in the total cost of the expansion to about 1.7 billion US dollars instead of approximately 3 billion US dollars, reflecting planning efficiency and project restructuring according to the changes and developments in the business environment, ensuring the best return for the company's shareholders at the lowest possible cost.
Al-Hayyari emphasized that the company adopted a detailed roadmap prepared by the British company Technip, as the project management consultant, which includes the different implementation stages and the specific timeline for completing the project, ensuring adherence to technical and financial bases that enhance the project's chances of success and achieving its strategic objectives.
