SSIF assets surge to reach JD13.3b at end of Q2 2022

AMMAN — Social Security Investment Fund (SSIF) CEO Kholoud Saqqaf announced that SSIF’s assets grew by JD1 billion to reach JD13.3 billion at the end of the second quarter of 2022 compared with JD12.3 billion at the end of 2021 and registered a 8.9 per cent rate of return.

These assets were distributed over money market instruments that constitute 13.1 per cent of SSIF’s total portfolio, bonds 55.4 per cent, equity 19 per cent, real estate 5.7 per cent, loans 3.1 per cent, and tourism investments 2.4 per cent, according to a statement made available to The Jordan Times.

Saqqaf said that SSIF’s income also grew to reach JD371 million at end of the second quarter of 2022 compared to JD313 million for the same period of 2021, representing a growth of 18.6 per cent. 

This growth was attributed to the growth in the returns from bonds, money market instruments and equity portfolios.

The improving performance of Amman Stock Exchange (ASE) and the growth of the public listed companies’ cash dividends for 2021 had positive impact of SSIF’s equity portfolio, said the statement. 

This was reflected on SSIF cash dividends proportion from companies’ profits that grew to reach around JD109.6 million, among the highest achieved historically. The equity portfolio, therefore, registered 25.1 per cent rate of return as at the end of June 2022. 

The portfolio size also grew through stock purchases in a number of strategic banks.

The real estate portfolio kept growing to reach JD754 million at end of the second quarter of 2022 and a number of long-term leasing contracts of owned lands and buildings were also signed.

In addition, the bonds portfolio that constituted 55.4 per cent from SSIF’s total portfolio registered 5.9 per cent rate of return.

Saqqaf reaffirmed that SSIF first agricultural project will contribute to covering part of the local consumption needs of strategic agricultural products in line with the Kingdom’s agricultural map. The project that covers an area of 30sq. km. at a total cost of JD13 million is managed by Daman Company for Investment and Agricultural Industries (wholly owned).

Phase one of the project included developing the infrastructure and planting around 8sq. km. with grains and animal feeds that were harvested earlier this month.

According to the statement, expansion opportunities in food production and manufacturing will be considered depending on the feasibility studies results and the risk levels associated with these potential opportunities and their alignment with the investment policy.

SSIF CEO said that based on a defence order, the Social Security board of directors recently resolved to raise the personal loans window ceiling for SSC pensioners from JD100 million to JD120 million. The number of this window beneficiaries exceeded 90,000. 

Moreover, the rehabilitation of Crowne Plaza Hotel- Petra and touristic projects are currently resumed under the supervision of the National Tourism Development Corporation (wholly owned).

Saqqaf concluded that SSIF is committed to work within comprehensive governance framework to preserve SSC pensioners’ savings and contribute to the sustainability of the social security scheme through current and potential feasible investments in partnership with the private sector. 

The SSIF is also dedicated to adapt the best international practices of disclosure and reporting as it publishes its financial figures and investments and projects briefs on its website: www.ssif.gov.jo.