Jordinvest Reports Third Quarter Results
Total revenues hit JD8.4 million, an increase of 147%
Total assets increased by around 40% to JD36.5 million
Amman, Jordan (October 2005) – Jordan Investment Trust PLC (Jordinvest) on Tuesday unveiled its financial results for the third quarter ended September 30th, 2005. The company witnessed a strong performance mainly attributed to the solid execution of efficient policies and strategies within the local and regional markets.
Mr. Ahmad Tantash, Vice Chairman/CEO of Jordinvest, proudly announced that total assets increased by around 40% to amount to JD36.5 million compared to JD26.1 million at the end 2004. At the same time, shareholders' equity, which represents 83.2% of total assets, rose by 49.7% during the aforementioned period.
The first nine months of 2005 saw exponential growth in total revenues which hit JD8.4 million, an increase of 148% vis-à-vis the corresponding span of 2004. Furthermore, profits from the securities trading portfolio jumped by 258% to total JD4.9 million, while revenues from managing assets and funds increased five folds to JD1.6 million. As a result, Jordinvest's net profits (before tax) read JD7.16 million, a substantial increase of 197% in comparison with the first three quarters of 2004.
Mr. Tantash stated, “We are delighted to report these outstanding results which were achieved through the strategies embraced by the company in efforts to diversify its products, provide the best quality services, widen its geographical market share, and efficiently manage its assets.”
Assets under management over the first nine months grew by 34%. Along similar lines, mutual funds grew by 32.5% and portfolios managed on behalf of customers increased by 34.5%.
Mr. Tantash added, “These results show clients, potential future investors, and shareholders that Jordinvest is developing a strong financial position as reflected in its profitability indicators, with pre-tax profit margins estimated at 84.9% for 2005. Through our dedicated and qualified staff, we at Jordinvest will continue to develop creative approaches in line with the company's objectives to fulfill and exceed the needs of our widening client base.”