Amman, May 2023: OFFTEC Holding Group (OHG) reported a net profit of JOD 1.8 million in 2022, up from JOD 300,000 in 2021. The 1.5 million increase was primarily due to the successful implementation of the Group's strategic plans, which focused on expanding operations in key markets and enhancing operational efficiency. Meanwhile, the Group seeks to grow consumer finance under the Central Bank of Jordan.
This announcement was made during the Annual Ordinary General Assembly Meeting on Sunday 30 April, 2023, held via Zoom Video Communications. The meeting was headed by OHG Chairman Marwan Said, in the presence of OHG Board Members, OHG CEO Basim Said, OHG CFO Zaid Al-Salman, and deputy of the Companies Control Department representative Samah Obeidat, in addition to seven out of 1,075 shareholders who collectively own a total of 29,023,300 shares in person and by proxy, constituting 83.28% of the Group’s paid-up capital.
The meeting commenced with a recitation of the minutes of the previous meeting, which took place on 19 July, 2022, followed by a presentation of the Board of Directors 2022 Annual Report and the approval of the final accounts for the year ended 31 December, 2022, as well as 2023 plans.
During the meeting, the Group demonstrated its commitment to providing value to shareholders by approving the recommendation of the Board of Directors to distribute cash dividends at a rate of 3.5% for the year 2022. This decision not only reflects the Group's financial success in 2022, but also confirms its dedication to delivering consistent returns. The recommendation for cash dividend distribution was a key highlight of the meeting, in addition to the approval of the agenda items.
Said praised the success of the Group's management despite the economic challenges faced domestically and globally. He noted that sales increased by 25% to reach JOD 32.5 million compared with 2021, boosting office and banking equipment by 12%, software and IT services by 40% and consumer finance contracts by 34%. This enhances the Group's competitiveness in keeping abreast of the latest financial technology solutions and developments, particularly within the banking sector, while providing customers with the means required for transitioning towards a digital economy, underscoring the expertise gained over the Group's 100-year history in applying best practices. Said expressed his appreciation for the trust and confidence of the shareholders in the Group's leadership team and their commitment to delivering value to them.
About OFFTEC Holding Group
OFFTEC Holding Group PLC (OHG) is a Public Shareholding Company listed on the Amman Stock Exchange (ASE) as (OFTC) with a total capital of JOD 34.85 million. The leading regional company owns three subsidiaries: OFFTEC, offering services and innovative solutions in business and technology; AlWasleh, providing convenient leasing and financing solutions; and WATCO, specializing in lighting solutions and high-end architectural lighting products. All solutions extended by the OFFTEC Holding Group are specifically designed to create sustainable value for clients, partners, suppliers and stakeholders alike.