Jordan Times
Wednesday, July 8, 1998
Arab Centre for Pharmaceuticals and Chemicals weighing raising capital, merger
AMMAN (J.T.) — The Arab Centre for Pharmaceuticals and Chemicals
Company recorded a JD508,300 net profit before allocations to various provisions and the
general assembly approved the recommendation of the board of directors to distribute
JD300,000 in dividends to shareholders at a rate of six per cent. Total sales during 1997
amounted to JD2.96 million and the gross profit was about JD1.16 million.
The company produced around 2.15 million units at the drug plant, 3.97 per cent below the
volume produced in 1996. Sales of drugs totalled JD906,000, 43.5 per cent less than the
JD1.6 million total recorded in 1996. The lower amount was due to drop in sales in the
local and outside markets. The company expects higher profitability in the future
following the approval of the Ministry of Health and Medical Care to adjust prices of some
medicines. Plans for 1998 include conducting a feasibility study to raise the production
capacity of the capsules plant and to expand the drug factory. In this regard, a proposal
has been submitted to raise the company's capital and to seek a merger either with local
or foreign companies.
The company's total assets at the end of 1997 stood at JD7.75 million. Shareholders'
equity were estimated at JD6.4 million.