Mubasher: Amman-listed Al-Eqbal Investment posted 45.96% growth in net profit for the first nine months of 2015 to JOD 24.8 million ($34.9 million), from JOD 17 million ($23.9 million) in the same period a year ago.

Meanwhile, the research unit at MubasherTrade issued its ‘Hidden Gems’ report on Jordan’s Al-Eqbal Investment, saying that the company is one of the few listed non-oil related manufacturers in the region with a large export base.

“Hence, while Al-Eqbal is listed in Amman and has Jordanian owners, it really does not carry any Jordan or region-specific risk – in our opinion. In fact, it provides investors with global diversification. Indeed, in Q3 2015 the growth continued, with revenues and operating profits growing by 28% and 80% respectively,” said the research firm.

In an environment of low oil prices and rising geo-political flashpoints, investors in the region have been keeping a close eye on the macro situation of each individual country, MubasherTrade added.

MubasherTrade also said that consistently growing earnings at a clip of 20%+ per annum means that Al-Eqbal can safely be given a valuation of 15x PER. It arrived at a potential upside of 46%.