RIYADH: Companies listed on the Amman Stock Exchange witnessed an 85 percent increase in profits after tax in 2022 compared to the previous year, reaching 2.4 billion Jordanian dinars ($3.3 billion).
Around 95 percent of 169 listed companies provided the stock exchange with audited financial statements for 2022, according to ASE.
The industrial sector recorded the highest earning in 2022 with $1.8 billion in profits compared to $811 million in 2021. The financial sector was the second highest in terms of profits with $1.1 billion in 2022 compared to $861 million in 2021.
The services sector came in third with $339 million last year compared to $164 million the year before.
The ASE witnessed a high percentage of listed companies sharing their financial results which reflects the compliance of such companies with the principles of transparency and disclosure, Mazen Wathaifi, CEO at ASE, said in a statement.
He added that all listed companies on the ASE should provide their audited annual statements within the specified period abiding with the directives for listing securities on the ASE.
As four companies failed to provide the ASE with their financial results, the market suspended their shares from being traded and they will remain suspended until they provide their statements.
Leading the country’s growth, the mining sector plays a pivotal role in realizing Jordan’s economic vision.
On April 2, the Jordan Phosphate Mines Co. gathered industry leaders and chairmen to discuss the establishment of the National Mining Co.
Called by the Jordanian Businessmen Association, the meeting discussed the mining sector’s role in economic modernization.
During the meeting, it was also 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.
Jordan’s mining industry makes up around 9 percent of the country’s gross domestic product and is dominated by the production of phosphate, potash, building and decoration stones, pure calcium carbonate, and some other non-metallic resources.
Meanwhile, Jordan has hired banks for a planned sale of US dollar-denominated bonds that would mature in over five years, a bank document on the debt sale showed on Monday.
Citi, Goldman Sachs and HSBC will arrange one-on-one and small-group investor meetings starting on Monday, Reuters reported.
An issuance of benchmark-size - typically at least $500 million - long five-year bonds will follow, subject to market conditions, the document said.
Moody's Investors Service has 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. The proceeds of the notes are intended for permitted purposes under the Jordanian Public Debt Management Law.
Moody’s said the rating mirrors Jordan's long-term issuer rating of B1. The outlook on the issuer is positive.
It said Jordan's B1 issuer rating is underpinned by its solid and credible macroeconomic policymaking institutions, combined with strong international support and access to sizeable domestic savings that contain liquidity and external vulnerability risks.
“Balanced against these strengths are challenges posed by the government's still-high debt levels, structural rigidities contributing to low economic growth, high unemployment and social pressures, and a volatile regional geopolitical environment,” added Moody’s.
