Jordan's Arab Potash reports 34% drop in profits

Jordan's Arab Potash Co, one of the world's largest producers of potash, has announced its full-year net profit for 2012 dropped by more than a third as costs rose, while falling global demand weighed on output, Reuters has reported. Profits fell 34% to JD198.8m ($280m), which reflected the drop in global demand for potash, a main ingredient for fertiliser, along with a "rise in production costs due to higher electricity, water, fuel prices and wages," said chairman, Jamal al Sarayrah. Potash Corp of Saskatchewan, the world's largest producer, owns 27.9% of Arab Potash, while several Arab countries, including Saudi Arabia and Kuwait, hold minority stakes.

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