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Ammon News - The total revenues of the Orphans Fund Development Corporation (OFDC) increased to JD10.6 million by the end of the third quarter of 2022 against JD9.4 million in the same period in 2021, resulting in a net profit of JD7.6 million, up 10 percent from JD6.4 million in 2021.

In a statement released on Sunday, OFDC Chairman Abdul Hafiz Rabta stated that the corporation has adopted a new strategy for managing orphans' funds by focusing on investments, which increased by 7.7 percent to JD246 million from JD228 million by the end of 2021.

The OFDC's assets, he noted, edged up by 4.5 percent by the end of 2022's third quarter, reaching JD253 million against JD242 million by the end of 2021.

Rabta indicated that the corporation's new strategy included launching competitive financing programs that meet the needs of the institution's clients while maintaining the same preferential rates, as well as providing financing programs for the Public Security Department's personnel.

He added that the OFDC signed a build-operate-transfer (BOT) investment contract with a local company to construct a 2,600-square-meter mall, in addition to signing long-term lease contracts and increasing the corporation's occupancy rate to more than 85 percent. These agreements, he continued, had a positive effect on orphan deposits and increased the OFDC's net profits from leases by 13.9 percent compared to the same period in 2021.