Amman Stock Market announces ‘historic’ JD686.8m in cash dividends for 2018

AMMAN — Dividends for the year 2018 at the Amman Stock Market (ASM) totalled at a “historic” JD686.8 million, a statement carried by the Jordan News Agency, Petra, said.

The general assembly of public shareholding companies listed in the ASM approved their boards’ recommendations to distribute the cash dividends for 2018, citing JD1.17 billion in total net profits, up 41.8 per cent from JD824.6 million in 2017, Petra reported.

The banking sector won the lion’s share, distributing JD533.5 million in dividends, with the Arab Bank presiding at JD288.4 million, approximately 45 per cent of its capital.

Dividends of The Housing Bank for Trade and Finance and the Bank of Jordan reached JD47.3 million and JD36 million, at 15 and 18 per cent of their capital, respectively.

The Islamic Bank’s board of directors recommended the distribution of JD27 million, at 15 per cent of capital, while the Etihad Bank’s shareholders got some JD22.4 million, followed by Capital Bank and Cairo Amman Bank with JD20 million and JD16.2 million, respectively.

According to the statement, the performance of mining companies in 2018 showed improvement, as the Arab Potash Company’s board has approved the distribution of JD100 million in cash dividends, at 120 per cent of the company’s capital.

The Jordan Phosphate Mines Company (JPMC) also decided to distribute JD16.5 million in cash dividends, at 20 per cent of its capital.

The JPMC has not distributed cash dividends since 2012, but three years ago, the company increased its capital by 10 per cent, issuing the bonus shares.

The Social Security Investment Fund’s (SSIF) cash dividends were “unprecedented”, amounting to JD102 million, said SSIF Chairperson Khloud Sakkaf, highlighting the Arab Bank’s dividends.

Notably, the Arab Bank owns 17 per cent of the fund’s shares, Sakkaf underlined in the statement.

So far, 62 profiting companies have distributed cash dividends, at different rates, while the other companies listed in the ASM are continue to deliberate, Petra reported.