SSIF assets reach JD14.9 billion in 2023, marking 7.6% growth — Kanakrieh

AMMAN — The assets of the Social Security Investment Fund (SSIF) have seen "steady" growth,  reaching JD14.9 billion in 2023, up from JD13.8 billion at the end of 2022. This represents an increase of 7.6 per cent, according to preliminary financial statements by SSIF.

SSIF CEO Ezzeddin Kanakrieh said that the "strong" performance of the investment portfolios in 2023 led to a 17.3 per cent growth in net income, amounting to about JD802 million by the end of 2023, compared with JD684 million for the same period in 2022, according to the Jordan News Agency, Petra.

He attributed the growth to the income generated from the bonds, which amounted to JD483.7 million, in addition to JD147.5 million and JD119.9 million that came from the equity and money market instruments portfolios.

The increase in assets of JD1.1 billion resulted from a comprehensive income of JD667 million, representing the fund's income from investment instruments of JD 802 million, offset by a decrease in the equity valuation reserve of JD135 million, in addition to an insurance surplus transferred from the General Organisation for Social Security of approximately JD380 million, he said.

Kanakrieh said that the main components of the investment portfolios remained stable, aligning with the proportions outlined in the investment policy. "These were distributed among financial instruments with stable returns and low-risk levels."

He said that the bond portfolio accounted for 57.2 per cent of the fund's total assets, the equity portfolio for 15.9 per cent, the money market instruments portfolio for 13.7 per cent, the real estate investments portfolio for 5.7 per cent, the loans portfolio for 3.7 per cent and the tourism investments portfolio for 2.2 per cent.

The Fund's share of cash dividends distributed in 2023 for companies operating in 2022 was JD152 million, marking the highest in the fund's history, he said.

He added that the fund continued to expand its real estate investments through land and property acquisitions and had signed new lease and investment agreements in 2023. 

Regarding ISSF's projects, Kanakrieh listed Al Daman Company for Investment and Agricultural Industries, which is planting over 19,000 dunums in Al Mudawara area, providing employment opportunities for residents and seasonal workers, the Amman Paradise Hotel reopened, providing 100 permanent employment opportunities.