Siniora Food Industries achieved net profits of JD 2.676 million (USD 3.770 million) in the first half of 2020
AMMAN, Jordan, Aug. 4, 2020 /PRNewswire/ -- Siniora Food Industries PLC, the leader in the region's meat manufacturing of cold cuts, frozen and canned meat and a listed company on the Amman Stock Exchange, announced its consolidated financial results for the first half of 2020. Siniora achieved net profits of JD 2.676 million (USD 3.770 million) in the first half of 2020, versus JD 2.775 million (USD 3.908 million) during the same period last year. Revenues amounted JD 33.359 million (USD 46.984 million) in the first half of 2020, a growth of 10% versus same period last year.
In his statement, Siniora Chairman Tarek Omar Aggad said that the company maintained its outstanding performance and achieved very good results even under the effect of coronavirus pandemic on local, regional and global markets. According to Aggad, regional sales grew by 5% in the first half of 2020 versus same period last year, adding that Siniora's branch in Saudi Arabia marked exceptional results since its establishment in 2009, with a growth in sales of 31% compared to the same period last year. The sales of cold-cuts products continued to develop in the Jordanian market, particularly in the retail sector, which witnessed a growth of 50% in the first half of 2020 compared to the same period of 2019. These products have also been well received in the Palestinian market, where the company achieved USD 1.3 million in sales in the first half of 2020, solidifying the company's position in this sector.
Siniora CEO Majdi Al Sharif said that the company's strategy since the onset of the coronavirus pandemic coupled with the efforts and commitment of its employees have had a substantial effect on the results achieved during the first half of 2020, allowing the company to maintain similar profit levels compared to the same period last year despite the current exceptional circumstances. Al Sharif added that the company will continue to enhance its sales and market position in the region during the second half of 2020 while celebrating 100 years since its establishment, in addition to maintaining its position as a leading food industries company in the region.
About Siniora
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 (UAE). Siniora's factories in Jordan and Palestine also produces various frozen meat products and 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 systems and ISO9001:2015 for quality management systems.
The company markets its products through mass merchandisers, grocery stores, high-frequency stores and department stores in Jordan, Palestine, Saudi Arabia and the UAE as well as in many other countries in the Middle East. Siniora also has distribution centers in Saudi Arabia, the UAE 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).
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