96% of ASE-listed companies submit quarterly reports: Jordan

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AMMAN — Ninety-six per cent of 167 listed companies have provided the Amman Stock Exchange (ASE) with their reviewed quarterly financial statements for the period that ended on March 31.

The deadline for submissions, through the e-disclosure System XBRL, was May 1, Chief Executive Officer of ASE Mazen Wathaifi said on Tuesday.

Wathaifi added that this high percentage reflects the compliance of listed companies with the laws and regulations, and the compliance of such companies with the principles of transparency and disclosure, the ASE announced on its website.

The CEO added that all listed companies on the ASE should provide their reviewed interim financial statements within the specified period, according to the Directives for Listing Securities on the ASE.

He also confirmed that the ASE posts these financial statements on the ASE website under Circulars and Disclosures/quarterly reports window.

Wathaifi stated that profits after tax attributable to the company's shareholders for the first quarter of 2023 for the public shareholding companies listed on the ASE that provided their financial statements decreased to reach JD590 million, compared with JD631.2 million for the first quarter of 2022, a decrease of 6.5 per cent. Profits before tax for these companies also decreased, reaching JD812.1 million for the first quarter of 2023, compared with JD822.5 million for the first quarter of 2022, a decrease of 1.3 per cent.

In terms of sectors, profits after tax for the financial sector increased by 14.2 per cent, the services sector decreased by 10.3 per cent, and the industrial sector decreased by 25.4 per cent.

He added that three companies namely, Jordan French Insurance, Gulf Insurance Group – Jordan, and First Jordan Investment Company have failed to provide the ASE with their reviewed interim financial statements for the period ended on March 31, 2023 during the specified period. Accordingly, the ASE suspended their shares from trading as of Tuesday. The trading in these companies’ shares will remain suspended until they provide the ASE with the required financial statements.

Wathaifi also indicated that the ASE will continue suspending the trading in shares of Al Sanabel International for Islamic Investments (Holding), Transport & Investment Barter Company, The Arab Assurers Insurance and Winter Valley Tourism Investment for failing to provide the ASE with their previous financial statements, in addition to the interim financial statements for the period ended March 31, 2023, noting that the shares of these companies shall continue to be available for trading in the Unlisted Securities Market.