Latest news with #JD4
Zawya
22-04-2025
- Business
- Zawya
Jordan: Electricity Distribution Company posts $21mln profit in 2024, advances digital transformation
AMMAN — The Electricity Distribution Company (EDCO) recorded a net profit after tax of some JD15 million in 2024, up from JD10.55 million in 2023, according to financial statements disclosed during the company's ordinary and extraordinary general assembly meeting. The company's total assets reached around JD972 million by the end of 2024, compared with JD792 million at the close of 2023, the Jordan News Agency, Petra, reported on Monday. The meeting was attended by EDCO Chairman Hazem Rahahleh and EDCO General Manager Reem Hamdan. The company reviewed the progress made in 2024, underscoring its continued role in supplying electricity a strategic commodity vital to multiple sectors while ensuring power continuity, reducing outages, and adhering to the performance standards set by the Energy and Minerals Regulatory Commission. The General Assembly unanimously approved increasing the company's capital by JD4 million, raising it from JD21 million to JD25 million. The increase will be distributed as free shares to shareholders proportionate to their holdings, funded through retained earnings. Amendments to the company's articles of association and bylaws reflecting the capital increase were also ratified. EDCO reported tangible progress in digital transformation initiatives. These include the implementation of an enterprise resource planning (ERP) system via the SAPS/4HANA platform, aimed at integrating data and accelerating decision-making. Also, efforts are underway to upgrade the human resources management system and adopt process automation to enhance employee engagement. EDCO also adopted the Intalio platform to manage electronic correspondence, improving internal communication and reducing paper usage as part of e-governance efforts. In the area of cyber security, the company established a dedicated unit equipped with 'skilled' personnel and advanced systems, including a cyber security operations centre and sophisticated Security Information and Event Management (SIEM) systems to safeguard data and reinforce digital readiness. Further developments include the launch of a smart electronic subscriber application, as well as a 24/7 unified automated response centre (113), aimed at enhancing service delivery and response times. Improvements extended to modernising subscriber service and field offices, aligning them with the corporate identity and achieving measurable results, including a 0.5 per cent reduction in electricity loss and an increase in the collection rate of regular subscribers' bills to over 100 per cent. Rahahleh stressed the company's commitment to advancing strategic plans that enhance operational efficiency and transition toward a smart utility framework supported by cutting-edge infrastructure, in alignment with technological advancements and the interests of subscribers and shareholders. He stressed the continued delivery of 'high-quality' electricity services as a 'cornerstone' for supporting the national economy and sustaining productive and service sectors. Reflecting on the financial and operational outcomes, Rahahleh said that the company demonstrates the 'soundness of the company's policies and strategic direction.' Hamdan credited the achievements to the employees' dedication to continuous development and teamwork, reiterating the company's vision of becoming a fully digital institution that delivers efficient, responsive, and customer-focused services. She added that digital initiatives such as the SAPS/4HANA platform, the subscriber app, and the automated response centre have enhanced service quality and communication, marking a qualitative leap in customer relations.
Jordan Times
14-04-2025
- Business
- Jordan Times
NAMIC approves JD4m capital increase, plans expansion to JD40m
The National Arab Mining and Transformation Industries Company on Monday approves the first phase of a capital increase amounting to JD4 million (Photo Courtesy of NAMIC) AMMAN — The Board of Directors of the National Arab Mining and Transformation Industries Company (NAMIC) on Monday approved the first phase of a capital increase amounting to JD4 million. The company said that shareholders and board members, during an extraordinary meeting, agreed to increase the company's capital in two phases, the Jordan News Agency, Petra, reported. The first phase, limited to current founding shareholders, will raise the capital to JD5.4 million over a two-month period. The second phase, set to commence immediately after the first, will increase the capital to JD40 million an additional JD34.6 million through a private subscription that includes both existing and new shareholders. The meeting was chaired by JBA President Hamdi Tabbaa and attended by CEO Ayman Ayyash and all board members. NAMIC is a 'pioneering' initiative established by Jordanian and Arab business leaders to contribute to the implementation of the Kingdom's Economic Modernisation Vision, with a particular focus on advancing the mining sector and transformation industries.
