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  • 04-04-23

    Profits of Amman Stock Exchange Listed Companies Increase by 85 percent in 2022

    (MENAFN) Companies listed on the Amman Stock Exchange (ASE) saw a significant increase in profits after tax in 2022, reaching 2.4 billion Jordanian dinars (USD3.3 billion), an 85 percent increase compared to the previous year. Around 95 percent of the 169 listed companies provided audited financial statements for 2022 to the stock exchange, indicating a high level of compliance with transparency and disclosure principles.

    The industrial sector recorded the highest earning with USD1.8 billion in profits in 2022 compared to $811 million in 2021. The financial sector was the second highest in terms of profits with USD1.1 billion in 2022 compared to USD861 million in 2021. The services sector came in third with USD339 million in 2022 compared to USD164 million the previous year.

    Mazen Wathaifi, CEO at ASE, stated that all listed companies on the ASE must provide their audited annual statements within the specified period and abide by the directives for listing securities on the exchange. As four companies failed to provide their financial results to the ASE, the market suspended their shares from being traded until they provide their statements.

    Jordan's mining industry plays a significant role in realizing the country's economic vision, making up around 9 percent of its gross domestic product. The industry is dominated by the production of phosphate, potash, building and decoration stones, pure calcium carbonate, and other non-metallic resources. On April 2, the Jordan Phosphate Mines Co. gathered industry leaders and chairmen to discuss the establishment of the National Mining Co. and the mining sector's role in economic modernization.

    The meeting, called by the Jordanian Businessmen Association, agreed to form a founding committee that includes the president of the Jordanian Businessmen Association, the chairmen of the Board of Directors of the Jordan Phosphate Mines Co., the CEO of the Jordan Islamic Bank, the CEO of the Jordan Kuwait Bank, and coordinator of the mining sector in the Royal Commission for Economic Modernization.

    In other news, Jordan has hired banks for a planned sale of US dollar-denominated bonds that would mature in over five years, according to a bank document. Citi, Goldman Sachs, and HSBC will arrange one-on-one and small-group investor meetings starting on Monday, followed by an issuance of benchmark-size long five-year bonds, subject to market conditions. Moody's Investors Service assigned a rating of B1 to the US dollar-denominated senior unsecured notes to be issued by the Government of Jordan under its multicurrency global medium-term note program. The notes will rank pari passu with all of the Government of Jordan's current and future senior unsecured external debt.

    MENAFN04042023000045014228ID1105941129

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