Siniora Food Industries Achieved Net Profits of JD 2.775 Million (USD 3.913 Million) in the First Half of 2019, a Growth of 25% Versus Same Period 2018
AMMAN, Jordan, Aug. 6, 2019 /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 2019. Siniora achieved net profits of JD 2.775 million (USD 3.913 million) in the first half of 2019, a growth of 25% versus same period last year. Revenues amounted JD 30.369 million (USD 42.834 million) in the first half of 2019, a growth of 8% versus same period in 2018.
In his statement, Siniora Chairman Tarek Omar Aggad confirmed that the strategy of efficiency and development laid out by the company at all its locations paid off and led to a growth in the company's results. Aggad added that regional sales grew by 10% compared to the same period last year. Moreover, the Siniora brand of cold cuts witnessed a growth of 8% and 6% in the first half of 2019 in the Jordanian and Palestinian markets respectively, compared to the same period of 2018, thus enhancing its market share and leading position in all markets in which it operates. Aggad went on to add that Siniora was able to achieve notable growth of 32% versus last year in the sales of frozen meat, especially in the retail and HORECA sectors.
Siniora CEO Majdi Al Sharif said that the company's plans along with the efforts of the executive management and the directions of the board of directors for Diamond Meat Processing Company in Dubai were fruitful, with sales growing by 24% in the first half of 2019 compared to the same period last year, which led to a positive impact on Siniora's financial results and profits. Al Sharif added that the company achieved notable successes and considerable growth in sales since the launch of its frozen meat line in Jordan in 2016, and thus has commenced preparations to introduce the same production line in the Palestinian markets towards the last quarter of 2019. Al Sharif concluded that the company will continue to enhance its leading position and grow its market share in the local and regional levels.
About Siniora
Siniora is a pioneer in the meat manufacturing sector in the region and 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, and established its factory in Jordan in 1992. Siniora acquired Diamond Meat Processing Company in Dubai in 2016. Siniora 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 United Arab Emirates. In 2015, Siniora's factory in Jordan launched a new production line of frozen meat products. Siniora factories in Jordan and Palestine maintain a highly-ranked international food safety certificate, the FSSC: 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. It also holds the Palestinian Standard Certificate in Palestine and the Halal Certificate issued by Jordanian Standards. 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. 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 listed on the Amman Stock Exchange (ASE: SNRA).
SOURCE Siniora Food Industries
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