JD3.6 million in Jordanian income to guarantee loans

Media In / Amman 11 February 2019

The revenues of the Jordan Loan Guarantee Company grew by 21.4% to reach JD 3.6 million in 2018 compared to a total revenue of KD 3 million in 2017.
The growth in the company’s revenues was the result of the increase in operating revenues which increased to JD 652 million compared to KD 426 thousand and an increase in investment income of JD 9.1 million compared to JD 1.5 million for the two years of comparison.
The company’s profits before tax amounted to 865 thousand dinars for the year 2018 compared to 983 thousand dinars for 2017, while net profits after tax 697 thousand dinars compared to 731 thousand dinars, as the increase in the value of the guarantee with the growth achieved in the balance of the secured loan portfolio and start the application of the standard International Accounting (IFRS 9).
According to a statement issued by the company on Monday, the Board of Directors recommended to the General Authority not to distribute dividends on the results of the company’s work for the year 2018 to further strengthen the capital base of the company.
Total shareholders’ equity increased to JD 35.5 million at the end of 2018 compared to KD 34.7 million at the end of 2017. The company’s assets amounted to JD244 million compared to KD 178 million for the comparative period.
The Jordan Loan Guarantee Company provided credit guarantees for 1,860 small and medium-sized projects with a face value of KD 110 million in 2018 compared with credit guarantees for 1846 loans in 2017 with a nominal value of 99 million dinars.
The company also granted 1016 export consignments and local sales with a guaranteed value of about 58.4 million dinars in 2018, distributed by 895 export shipments with a guaranteed value of about JD 56.8 million and 121 local sales shipments with a guaranteed value of about JD 1.7 million.