Mazen Wathaifi, CEO of the Amman Stock Exchange (ASE), announced that 93% of the 162 companies listed on the ASE provided their reviewed interim financial statements for the period ending on September 30, 2024, within the specified deadline through the electronic disclosure system.
This high compliance rate demonstrates the commitment of listed companies to the prevailing laws and regulations and reflects the overall adherence of Jordanian companies to principles of transparency and disclosure. According to ASE listing regulations, all listed companies must submit reviewed financial statements, audited by their external auditors, within the designated period. ASE has published these financial statements on its official website, www.exchange.jo, under the quarterly disclosures section. Wathaifi reported that the after-tax profits attributable to shareholders of these companies for the first three quarters of 2024 decreased to 1.549 billion Jordanian Dinars, down from 1.647 billion for the same period in 2023, reflecting a 5.9% drop. Pre-tax profits also declined to 2.241 billion Dinars for the first three quarters of 2024 compared to 2.317 billion Dinars in 2023, a decrease of 3.3%. However, compared to the 10.5% decline in profits during the first half of 2024 relative to 2023, the third quarter results show improvement. On a sectoral basis, after-tax profits for companies in the financial sector that submitted their reports rose by 3.1%, while the industrial sector experienced a 16.8% decrease, and the services sector saw a decline of 16.5%. Despite these challenges, several sub-sectors achieved profit growth, including healthcare services, educational services, electrical industries, chemical industries, engineering and construction industries, commercial services, pharmaceuticals and medical industries, textiles, leather and garment industries, as well as the banking and technology and telecommunications sectors. Wathaifi noted that Ram Financial Brokerage, United Financial Investments, and Union Tobacco and Cigarette Industries failed to submit their reviewed interim financial statements by the deadline for the period ending on September 30, 2024. Consequently, the ASE has suspended trading in these companies’ shares as of Sunday morning, with the suspension to remain in effect until the required statements are submitted, in line with Article 15/B/6 of ASE’s listing regulations. Additionally, trading was suspended for shares of Al-Nisr Al-Arabi Insurance, Jordan Insurance, and Arab Insurance – Jordan on November 3, 2024, due to their failure to provide the required statements. Their shares will be moved to the Unlisted Securities Market starting Monday morning, per the Securities Commission’s decision on November 3, 2024. Wathaifi also stated that trading will continue to be suspended for Jordanian Fund Management Company, Wadi Al-Shata Tourism Investments, Union Land Development, Al-Manara Islamic Insurance, Arab Jordanian Insurance Group, and Mediterranean and Gulf Insurance – Jordan. These companies have either not submitted financial statements for previous periods or have outstanding financial obligations, in addition to failing to provide interim financial statements for the period ending September 30, 2024. Their shares are traded in the Unlisted Securities Market.
