The General Assembly of Siniora Food Industries Company approved the distribution of cash dividends amounting to JD 4.2 million representing 15% of its paid-in capital, and stock dividends amounting to 2,147,059 shares
AMMAN, Jordan, May 6, 2024 /PRNewswire/ -- In its ordinary and extraordinary meetings held on April 28, 2024, the general assembly of Siniora Food Industries Company approved the distribution of cash dividends amounting to JD 4.2 million to its shareholders, representing 15% of the company's paid-in capital of JD 28 million. It also approved the distribution of 2,147,059 as stock dividends by capitalizing JD 2,147,059 from the balance of its returned earnings at year-end 2023.
Chairman of the Board of Directors Mr. Tarek Aggad commented that Siniora realized stable results in 2023 despite all the challenges faced by the company, including the war on our people in Gaza, the rise in bank interest rates, especially in Turkey, where the company operates a branch, in addition to the negative impact on the company's results due to the application of International Accounting Standard #29 there. Aggad clarified that despite all these difficult circumstances witnessed by the region, which also included an increase in raw material costs and shipping expenses due to global events, the company achieved a net profit of JD 4.428 million in 2023 compared to JD 5.224 million in 2022. He added that the results attained in 2023 were supported by an increase of 10% year on year in the company's sales, which amounted to JD 46.960 million in 2023 compared to JD133.628 million in 2022.
Aggad added that the company successfully issued bonds worth USD 80 million even under such exceptional circumstances, a testament to the company's respected standing in the banking sector and strong financial and operational performance. Aggad stated that issuing bonds at a fixed interest rate of 7.75% for five years is a significant achievement for the company and will lead to reducing bank interest and improving the company's results during the current year.
Aggad indicated that the company is in the final stages of increasing its capital cash by around JD 11 million, pending approval from the Securities Commission for its implementation, a move that will further the company's ability to continue implementing its investment and expansion plans, especially in the construction of the company's new factory in Jeddah, Saudi Arabia.
He added that the company continued its social responsibility initiatives by supporting the local community in all areas within which it operates, supporting various sectors including the medical, educational, and social sectors, and assisting our people in the Gaza Strip. Total investment in social responsibility in 2023 amounted to JD 455,000 compared to JD 366,000 in 2022.
Speaking about the company's results, Siniora CEO Engineer Majdi Al-Sharif affirmed that Siniora maintained its sales level in the Jordanian and Palestinian markets despite all the conditions surrounding the region, which also included losing the company's sales in the Gaza Strip during the last quarter of 2023. The company's sales in the Gulf witnessed a significant growth of 12% and in the Turkish market by 30% due to inflation, which reflected on the company's financial results for the past year.
He added that the company has launched the initial stages towards establishing its factory in Jeddah, Saudi Arabia, which will be a paradigm shift for the company and will support the company's sales in the Saudi market.
Siniora Food Industries is a publicly listed company on the Jordanian financial market, and the owner of the Siniora, Unium, Polonez, and Al-Masa brands, and is a subsidiary of the Arab Palestinian Investment Company – APIC.
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