(MENAFN- Jordan News Agency)
Amman, April 28 (Petra) -- The Social Security Investment Fund (SSIF), the investment arm of the Social Security Corporation (SSC), reported assets exceeding JD15 billion in the first quarter of 2024, as stated by SSIF's CEO Ezzeddine Kanakrieh.
Kanakrieh announced on Sunday that the SSIF generated income from various investment instruments totaling JD216 million, compared to JD205 million for the same period last year, marking an increase of JD11 million.
This income primarily stemmed from the profits of the bond portfolio worth JD130 million, money market instruments portfolio valued at JD34 million, and JD43 million from cash dividends to companies that held their general assembly meetings during the first quarter of this year, he added.
He anticipated that the SSIF's share of cash dividends from companies' 2023 business results would approximate JD160 million, representing the highest cash distributions since the Fund's inception. This anticipated increase will predominantly impact the fund's profits derived from the stock portfolio during the second quarter of this year, as major companies held their general assembly meetings after the first quarter, thereby not reflecting a portion of the cash dividends in the first quarter's financial statements, he said.
The fundamental components of the investment portfolios have remained stable, in accordance with the ratios specified in the investment policy. The bond portfolio represents 57.3 percent of the fund's total portfolio, followed by the stock portfolio at 15.6 percent, money market instruments portfolio at 14 percent, real estate investment portfolio at 5.7 percent, loan portfolio at 3.6 percent, and tourism investment portfolio at 2.1 percent, added Kanakrieh.
Kanakrieh highlighted royal visions as the guiding principles for advancing the national economy, which the Fund endeavors to achieve through investments in economically promising sectors to capitalize on their comparative advantage, while also creating quality job opportunities and enhancing services across governorates.
He presented ongoing projects undertaken by the Fund's investment arms, emphasizing efforts to implement a series of projects aligned with the master plan for Aqaba, aiming to elevate the city into a distinguished tourist and investment destination.
Kanakrieh affirmed that hotels owned by the SSC recorded unprecedented operating profits in 2023, reaching approximately JD12 million, marking the highest historical performance for these hotels. However, the tourism sector faced challenges due to the ongoing aggression against the Gaza Strip, impacting its growth. These hotels provide 1,300 permanent job opportunities for Jordanians.
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