OFDC profits up by 14% last year-Director

Amman: Revenues of the Orphans Fund Development Corporation (OFDC) increased by more than 8% during the past year, reaching JD13. 644,808 million, compared to JD12. 628,796mln in 2022, marking an increase of JD1.016,012mln. In a statement Sunday, Chief Justice and Chairman of the OFDC's Board of Directors, Abdul Hafez Rabtah , said its net profits went up by 14% during the past year, reaching JD9. 629,291mln, compared to JD8. 440,373mln for the same period in 2022, constituting an increase of JD1. 188,918mln. Rabtah noted financing portfolio under Murabaha and lease-to-own systems reached JD81. 314,493mln during the past year, with a growth rate of 17.1%, compared to 2022, announcing that net distributable profit for the year 2023 amounted to JD9. 629,291. Based on the financial results, he said Board of Directors decided to distribute profits to accounts of minor orphans at a rate of 4.2% against last year. Source: Jordan News Agency