Jordinvest posts impressive financial results in 2006, profits hit JOD3 million

The forecast-beating results, unveiled during Jordinvest's annual general assembly held on April 14th, were bolstered by the company's aggressive expansion plan locally and regionally. New additions to its rich line of services that include asset management, financial advisory, and research had also contributed to the stellar performance during the year.

"Despite the unfavorable performance of the Amman Stock Exchange in 2006, and a wave of correction that swept across regional bourses, we succeeded in recording remarkable results in 2006," said Jordinvest's CEO and Chairman Ahmad Tantash.

This, he explained, is mainly attributed to the company's long-running strategy of diversifying the revenue stream, which is based on a sound risk management approach.

The company also announced that it will distribute 10% of capital in cash dividends for 2006.

Gross revenues amounted to JOD5 million in 2006 while shareholders' equity jumped to JOD50 million, up JOD30 million year-on-years.

The continued economic growth in the Kingdom in 2006, boosted by its well-established image as a secure investment-friendly haven had also contributed to the company's positive results, according to Tantash.

He added that surging local and regional demand for financial and investment services had also pushed revenues up.

As for the first quarter of 2007, the company announced that its pre-tax profits touched JOD1,333 million, a 106% rise when compared to the corresponding period a year earlier.

"We at Jordinvest are very proud of our achievements for the financial year of 2006, realized despite the state of turmoil and uncertainty that prevailed across Arab bourses.

"If these resulted are to serve as proof for anything, they are a solid proof of the commitment our team had shown to excellence which enabled us to stand out as providers of high quality, reliable, and timely financial services," commented Tantash.