Amman: CEO of the Social Security Investment Fund (SSIF) Ezz El-Din Kanakaria announced that the size of the fund’s assets at the end of 2023 amounted to approximately JD14.9 billion, compared to JD13.8 billion at the end of 2022, marking a growth rate of about 7.6 percent, as per preliminary financial statements for 2023.
Kanakaria stated in a press statement on Sunday that the commendable performance of the investment portfolios in 2023 led to a growth in net income by 17.3 percent, reaching about JD802 million by the end of 2023, compared to approximately JD684 million for the same period in 2022. This income stemmed from a bond portfolio worth JD483.7 million, a stock portfolio worth JD147.5 million, a money market instruments portfolio worth JD119.9 million, alongside income generated from real estate and loan portfolios.
The increase in asset size, amounting to JD1.1 billion, derived from a comprehensive income of JD667 million, representing the fund’s income from investment instruments worth JD802 mi
llion, minus a decrease in the stock valuation reserve of JD135 million, in addition to an insurance surplus transferred from the General Organization for Social Security, totaling about JD380 million.
Kanakaria stated that the investment portfolios’ key components maintained stability in line with specified ratios in the investment policy, distributed among financial instruments with stable returns and low-risk levels. The bond portfolio comprised 57.2 percent of the fund’s total, the stock portfolio 15.9 percent, the money market instruments portfolio 13.7 percent, real estate investment portfolio 5.7 percent, loan portfolio 3.7 percent, and tourism investment portfolio 2.2 percent.
He noted that the value of the stock portfolio of public and private joint-stock companies amounted to about JD2.3 billion, with approximately JD2.1 billion invested in companies listed on the Amman Stock Exchange, representing about 12.4 percent of the exchange’s total market value. The fund’s share of cash dividends distribu
ted in 2023 for 2022 company operations amounted to JD152 million, marking the highest in the fund’s history.
Furthermore, the fund continued to expand its real estate investment portfolio through land and real estate acquisitions, alongside signing new leasing and investment contracts in 2023. Under international accounting standards, the book profits of the real estate portfolio for 2023 exceeded JD180 million compared to historical possession cost.
Regarding projects, Kanakaria mentioned Al-Daman Company for Investment and Agricultural Industries planting over 19,000 dunums in the Al-Mudawara area, providing job opportunities for residents and seasonal workers. In tourism, the Amman Paradise Hotel resumed operations, offering permanent job opportunities, while the National Tourism Company for Tourism Development leased Karak Rest House and completed maintenance work on Zee Resthouse.
Expansion and rehabilitation work at the Crowne Plaza Petra Hotel continue, including modernizing facilities and construc
ting a conference hall. Additionally, preparations for a solar power generation station in Shoubak are ongoing.
The fund reported increased investments in the King Hussein bin Talal Development Zone/Mafraq to approximately JD500 million, creating job opportunities through operating factories and new investments. The Mafraq Development Company attracted seven new investments worth JD55 million, expected to generate more than 400 permanent job opportunities.
As part of its efforts to institutionalize corporate governance, the fund organized governance forums for representatives on boards of companies it contributes to, aiming to enhance value and cooperation among shareholders.
Kanakaria concluded by expressing the fund’s commitment to achieving long-term goals through flexible institutional investment approaches, diversification of investment portfolios, and contributing to economic modernization projects. He emphasized the importance of investments in achieving societal and environmental sustainability and
corporate governance rules, with ongoing evaluation of new investment opportunities in mining, energy, and real estate development sectors.
Source: Jordan News Agency