Siniora Food Industries Achieved Net Profits of JD 6.1 Milli
AMMAN, Jordan, Feb. 11, 2020 /PRNewswire/ -- Siniora Food Industries announced its consolidated preliminary (unaudited) financial results for 2019. According to the reported results, Siniora achieved net profits after tax of JD 6.1 million (USD 8.6 million) in 2019, a growth of 42% year on year. Total revenues grew by 14% year on year and amounted to JD 63.3 million (USD 89.1 million) in 2019. Total assets amounted to JD 67.2 million (USD 94.7 million) as at December 31, 2019, an increase of 10% over 2018. Net equity attributed to Siniora shareholders amounted to JD 36.4 million (USD 51.3 million) as at December 31, 2019, an increase of 9% over 2018.
In his statement, Siniora Chairman Tarek Omar Aggad announced that he is very proud of Siniora's achievements in the 100 years since its establishment, saying, "When acquired by the Arab Palestinian Investment Company (APIC) in 1996, Siniora was a small historical company employing around 30 staff members. Today, Siniora employs around 1,000 people in Jordan, Palestine, Saudi Arabia, and the United Arab Emirates, which proves that the expansion strategy put in place by the company's management, including targeting new markets, increasing production lines, enhancing and diversifying Siniora's products and ultimately fostering and increasing its market share at local and regional levels has paid off, as apparent by the significant results." Aggad confirmed that the company has maintained its number one position in the Jordanian and Palestinian markets and its leading status in regional markets, especially in the Gulf.
Siniora CEO Majdi Al Sharif indicated that in 2019, the company achieved a growth in its regional revenues by 16% when compared to the previous year. The market share of frozen meat products grew by 12% in the Jordanian and Palestinian markets year on year, particularly following the launch of the frozen meat production line, which includes more than 20 new products in the Palestinian market during the fourth quarter of 2019, and was extremely well received by the consumer.
Al Sharif confirmed that the plans and efforts carried out by Siniora's executive management team at Siniora subsidiary in Dubai Diamond Meat Processing Company (Al Masa) have paid off; revenues grew by 20% year on year, which positively affected the company's consolidated financial results and profits. He added that the production capacity of the Al Masa factory has been increased to fulfill demands in the United Arab Emirates and other Gulf markets.
Al Sharif explained that the level of revenues and profits achieved in 2019 proves the efficiency of the executive management's strategy of continuous enhancement of work performance and efficiency to increase the production capacity in the company's factories in Jordan, Palestine and UAE in order to meet the growing demand for Siniora products. Additionally, there has been significant investment in expanding and enhancing individual and institutional efficiencies by focusing on technical and administrative aspects through the continuous development of operational and technological equipment, work procedures, as well as the advancement of human resources through training programs. Al Sharif went on to add, "We look to 2020 with optimism, and our expectations are that it will be an exceptional year, through our strategy of enhancing the revenues of the frozen meat products in all markets and meeting the expectations of consumers. Marking the 100-year anniversary of the Siniora brand, we will ensure the company's premium position as one of the leading industrial companies in the food manufacturing sector in the region.
Siniora Food Industries is a market leader in the manufacture and sale of branded Siniora Al-Quds and Unium processed meat. The company was founded in Jerusalem, Palestine, in 1920, established its factory in Jordan in 1992, and was acquired by APIC in Palestine and Jordan in 1996. Siniora acquired the Diamond Meat Processing Company in Dubai in 2016. Siniora Food Industries produces cold cuts and canned luncheon meat from three state-of-the-art processing plants built using the latest technologies, one located in East Jerusalem, Palestine, the second located in King Abdullah II Industrial Estate in Jordan and the third in the United Arab Emirates.
Siniora's factory in Jordan also produces various frozen meat products. Siniora factories in Jordan and Palestine have been awarded the Food Safety System Certificate 22000 (ISO/TS22002-1), which represents the adoption of the highest food security standards worldwide and is recognized by key international organizations including the European Food and Beverage Association, the American Manufacturing Association and the Global Food Safety Initiative. Since 2014, Siniora factories in Jordan and Palestine have been maintaining the international certifications for Occupational Health and Safety Management Systems (OHSAS 18001:2007) and Environmental Management Systems (ISO14001:2004). Siniora has also been awarded the ISO 9001 certifications for quality and food control safety, in addition to the Palestinian Standard Certificate in Palestine and the Halal Certificate issued by Jordanian Standards. Moreover, Siniora's factory in Dubai, UAE has been awarded ISO22000:2005 for food safety management system and ISO9001:2015 for quality management system.
The company markets its products through mass merchandisers, grocery stores, high-frequency stores and department stores in Jordan, Palestine, Saudi Arabia and the United Arab Emirates as well as in many other countries in the Middle East. Siniora also has distribution centers in Saudi Arabia, the United Arab Emirates and a dedicated export department covering the Gulf and the Levant. Siniora is a public shareholding company and is listed on the Amman Stock Exchange (ASE: SNRA).
SOURCE Siniora Food Industries