JLGC held the 25th General Ordinary Assembly Meeting

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27/03/2019

Jordan Loan Guarantee Corporation held its 25th Annual General Ordinary Assembly Meeting on Tuesday the 26 of  March, 2019 at the Central Bank of Jordan. The assembly approved the financial statements for the year 2018 and the 25th annual report. The meeting was chaired by H.E.Dr. Maher Al Shiekh Hassan, JLGC Chairman and the presence of companies Control Department's delegate and Arab Professionals (the external auditors) delegate.

 H.E.Dr. Maher Al Shiekh Hassan;JLGC chairman appreciated the efforts exerted by the management of the company to achieve its purposes in providing guarantees for small and medium-sized enterprises, plus supporting national exports.

The Chairman indicated JLCG  achievements during 2018, reflecting the Board of Directors vision and aspirations. The total revenues of the corporation increased by 21.42% during 2018 in comparison with 2017. The total revenues reached JD 3.601 million during 2018, compared with JD 2.966 million in 2017.

The increase came from the operational revenues that increased from JD 1.426 million in 2017 to JD 1.652 million in 2018, and the growth of investment revenues from JD 1.5 million in 2017 to JD 1.9 million in 2018.  

Accordingly, the corporation achieved a net profit of JD 697 thousand (JD 865 thousand before tax) in 2018, compared to 731 thousand (JD 983 thousand before tax) in 2017. The drop resulted from the increase in guarantee provisions associated with the growth of the balance of the guaranteed loan portfolio and the implementation of International Accounting Standard (IFRS9).

The total shareholders' equity increased from JD 34.7 million at the end of 2017 to JD 35.5 million at the end of 2018. While the corporation 's assets was amounted to JD 244 million at the end of 2018 compared to JD 178 million at the end of 2017.

It is worth mentioning that the corporation provided guarantees for 1860 productive loans for SMEs with a nominal value of JD 110 million during 2018 compared to 1846 productive loans with a nominal value of JD 99 million during 2017.

The corporation also guaranteed 1016 export shipments and domestic sales within the export credit guarantee program worth JD 58.4 million, during 2018. These Shipments are distributed to 895 export shipments valued at JD 56.8 million, and 121 domestic sales amounted of JD 1.7 million.

The General Assembly has approved not to distribute dividends on the results of the corporation's business in 2018, to further strengthen the capital base of the company.