Jordan Investment Trust PLC (Jordinvest) Press Release on its Achievements for 2007
Jordinvest's Preliminary Profits for 2007 Reach JD 5,038,978 with a 374 % Increase from 2006
Amman, Jordan (February 2008) - Jordan Investment Trust PLC (Jordinvest), a leading provider of integrated investment banking services in local and regional markets, announced that they have achieved exceptional profits in 2007, with a 374% increase from its profits at the end of previous year. Financial data for 2007 indicates that Jordinvest's profits have reached JD 5,038,978 after taxes and before deductions, compared with JD 1,062,700 for year end 2006.
The company's financial results for 2007 were announced during a press conference held, last Wednesday at the Four Seasons Hotel in Amman. The press conference was attended by a number of Jordinvest employees, representatives of the Jordanian media and a number of prominent financial and economic analysts, who discussed the company's performance and operations.
Mr. Ahmad Tantash, CEO and Chairman of Jordinvest announced during the press conference that Jordinvest's Total Assets has increased by 17%, reaching JD62,926,234 compared with JD53,961,898 for 2006, while Shareholders equity represented 80% of total assets recording an increase of, 4.90%.
Compared with the end of 2006, Jordinvest's revenues have increased by 108% to reach JD8,851,224 by the end of 2007. Further more profits from securities Trading portfolio have amounted JD 4.5 million while recording a loss in 2006. In addition revenues from Advisory and Management fees grew 45% to reach JD729,487 representing 8% of Total Revenues. .
Tantash expressed his great pleasure with this achievement saying, "We are proud with this exceptional financial performance that is a result of the efforts of a dedicated, experienced staff. Moreover, the trust our clients have in us, be they individual investors or institutions, has motivated us to exert all efforts possible to achieve results surpassing all expectations."
He added, "Our success today is proof to the success of our strategy; but at the same time, it places a huge responsibility on our shoulders towards our clients and partners, not only to uphold this level of service but to improve and build on it. We will work diligently to achieve our goal of creating new opportunities in Arab markets in order to expand our clients' investments in the region and provide them with comprehensive services. We pledge to maintain this approach and incorporate the latest in the industry to improve our performance to keep up with the growth in local, regional and international financial markets.”
Jordinvest has achieved numerous successes and accomplishments during 2007 to such private placements and initial public offering for different sectors in the local and regional markets.