Siniora Food Industries Achieved Net Profit of JOD 1.9 Million (USD 2.7 Million) in the First Half of 2017
AMMAN, Jordan, August 2, 2017 /PRNewswire/ --
Siniora Food Industries, a pioneer in the manufacturing of cold cuts, frozen meat and luncheon, announced its results for the first half of 2017. The results showed that Siniora achieved net profit of JOD 1.926 million (USD 2.7 million), a growth of 36% compared with the same period of 2016, while total revenues grew by 16% over the same period of 2016, and amounted to JOD 27.5 million (USD 38.8 million) in the first half of 2017.
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Chairman of Siniora Tarek Omar Aggad announced that the company's positive results confirm the success of the expansion and development strategy put in place, especially in the Gulf and several Arab countries, which led the company's growth and that have boosted its position and strength and enhanced its financial position, as well as increased its market share locally and regionally. Aggad added that the Siniora's regional sales grew by 26% in the first half of 2017, compared to the same period of 2016, predominantly after its acquisition of the Diamond Meat Processing Company in Dubai in 2016, which has recently been accredited by the Saudi Food and Drug Authority to export its meat products to Saudi Arabia. Moreover, the company's sales increased across all the Gulf markets, with a sharp increase in the sales of the frozen meat products in the Jordanian market. Aggad confirmed that Siniora has continued to maintain its leading position both in the Palestinian and Jordanian markets.
Siniora Food Industries- a subsidiary of Arab Palestinian Investment Company (APIC)- is a market leader in the manufacture and sale of branded Siniora Al-Quds and Unium processed meat. It 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 in Palestine, Jordan and UAE. In 2015, Siniora Jordan established a factory for its new line of frozen meats.
Siniora has been awarded the Food Safety System Certificate (FSSC 22000) and ISO 9001 certifications for quality and food control safety, in addition to the Palestinian Standard Certificate in Palestine and Halal Certificate issued by Jordanian Standards. 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 since 2014.
The company markets its products through mass merchandisers, grocery stores, high-frequency stores and department stores in Jordan, Palestine, Saudi Arabia and UAE as well as in ten other countries in the Middle East. Siniora also has distribution centers in Saudi Arabia, UAE and a dedicated export department covering the Gulf and the Levant.
Siniora is a public shareholding company listed on the Amman Stock Exchange since January 2012 (ASE: SNRA).
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