ASE Net Profits Rise 9.9% In Q1 2026 - CEO

(MENAFN- Jordan Times) AMMAN - Chief Executive Officer of the Amman Stock Exchange (ASE) Mazen Wathaifi, said Sunday that net profits after tax attributable to shareholders of listed companies rose to JD620.7 million in the first quarter of 2026, compared with JD564.8 million in the same period of 2025

The ASE net profit marks a 9.9 per cent increase and the second-highest first-quarter earnings on record after 2022.

In a statement, Wathaifi said pre-tax profits also climbed to JD842.8 million in the first quarter of 2026, up from JD804.8 million a year earlier, reflecting a 7.4 per cent increase and underscoring improved aggregate corporate performance.

He noted that 96 per cent of the 159 listed companies submitted their audited interim financial statements for the period ending March 31, 2026, within the regulatory deadline via the electronic disclosure system (XBRL), highlighting strong compliance with disclosure requirements and adherence to transparency standards.

Wathaifi said listing regulations require all companies to submit auditor-reviewed interim financial statements within the specified time-frame, adding that the ASE has published the data on its official website as part of periodic disclosures, the Jordan News Agency, Petra, reported.

Sectoral data showed that net profits in the services sector surged by 105.1 per cent in the first quarter, while the industrial sector recorded an 8 per cent increase and the financial sector posted a 2.1 per cent rise.

He said the Exchange's upward trajectory reflects the resilience of the national economy and its capacity to navigate regional and global challenges, noting that this performance positioned the Exchange first regionally and thirteenth globally, reinforcing its international standing.

Wathaifi added that the Exchange has recorded "notable" performance since the start of 2026, driven by increased trading volumes and gains in the market index, signaling "improved" market activity and a recovery in investor confidence.

The CEO said these results are supported by sustained confidence in the national economy, bolstered by its resilience amid regional and international pressures, as well as supportive fiscal and monetary policies.

This was reflected in continued confidence from international institutions, including the International Monetary Fund (IMF), and reaffirmations of Jordan's sovereign credit rating by Moody's and Standard & Poor's with a stable outlook.

The ASE CEO pointed to positive macroeconomic indicators, including 2.8 per cent growth in 2025, foreign reserves nearing $28 billion, anticipated increases in investment flows driven by infrastructure, energy, and water sector opportunities, and a 3 per cent rise in national exports during the first two months of the year.

Wathaifi said trading in the shares of Arab Insurance Company in Jordan (AICJ), Al Quds Insurance Company (JERY), and Afaq Investment and Real Estate Development Holding Company (MANR) was suspended as of May 3, 2026, due to failure to submit required interim financial statements within the prescribed period.

He added that failure to comply will result in continued suspension for three working days, after which trading will resume under regulatory restrictions, including reduced session duration and tighter price fluctuation limits, until the required disclosures are submitted, in line with Articles (15/A) and (15/C) of the listing instructions.

He noted that trading in Union Financial Investment Company (UINV), Jordan and Emirates Dimensions Company for Commercial Investment (JEDI), and Union Factories Company for the Production of Tobacco and Cigarettes (UTOB) remains restricted due to outstanding financial disclosures and audit-related issues.

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