SSIF achieves JD514 million in profits in H1 2024

AMMAN — The Social Security Investment Fund (SSIF)  achieved profits amounting to approximately JD514 million by the end of the first half of 2024, compared with about JD447 million for the same period in 2023, marking a 15 per cent increase, according to SSIF CEO Ezzeddin Kanakrieh.

The Fund's assets rose to JD15.5 billion by the end of the first half of 2024, up from JD14.8 billion at the end of 2023, due to profit generation and transfers of insurance surpluses from the institution, which amounted to around JD146 million.

In a statement on Sunday, Kanakrieh detailed that the Fund's profits primarily stemmed from a bond portfolio valued at JD265 million, cash dividends from companies totalling about JD164 million, and a money market instruments portfolio valued at JD70 million, in addition to income came from loan portfolios and real estate investments.

Kanakrieh noted that the Fund's portfolio of public shareholding companies listed on the Amman Stock Exchange constitutes approximately 12.5 per cent of the market value of the stock exchange, distributed across the banking, industrial, service, and insurance sectors.

He emphasised that the fundamental components of the investment portfolios have maintained their stability according to the ratios specified in the investment policy. 

The bond portfolio constitutes 57.5 per cent of the total portfolios, the stock portfolios 15 per cent, money market instruments 14.8 per cent, real estate investments 5.7 per cent, loans 3.5 per cent, and tourism investments 2.1 per cent.

Kanakrieh highlighted that the Fund finances infrastructure projects, including two recently inaugurated under Royal patronage: the Amman-Zarqa Bus Rapid Transit Project, with a total financing value of JD148 million, and the Amman Customs Centre project in Madoun with a total financing value of JD96 million, adding that these projects aim to improve the financial performance of the Fund and the Jordanian economy in general.

Factories currently under construction are expected to provide approximately 1,880 job opportunities, Kanakrieh noted adding that investments are distributed across various industrial sectors, including the manufacturing of air conditioners, aluminium extrusion and shaping, production of human and veterinary medicines, natural fertilisers, and plastic and chemical industries.