Siniora Food Industries Company achieves a net profit of JD 7.1 million (USD 10 million) in 2020, a growth of 16% year on year
AMMAN, Jordan, Feb. 17, 2021 /PRNewswire/ -- Siniora Food Industries Company has released its preliminary consolidated financial results, as per the regulations of the Jordan Securities Commission for the year ending December 31, 2020. The financial statements showed that the Siniora group of companies achieved net after-tax profits of JD 7.1 (USD 10 million), an increase of 16% compared to 2019. Total revenues also increased, growing by 11% compared to the previous year, reaching JD 71 million (USD 100 million). The company's assets amounted to JD 68.8 million (USD 97 million) on December 31, 2020, an increase of 3% compared to the previous year, while the net equity of Siniora's shareholders amounted to JD 41 million (USD 57.7 million) on December 31, 2020, registering an increase of 12% over 2019.
Siniora Chairman of the Board Mr. Tarek Omar Aggad said despite the fact that 2020 was full of challenges due to the coronavirus pandemic, Siniora group was able to achieve unprecedented financial results, that coincides with the company's centennial celebrations of its establishment and the launch of the Siniora brand. Aggad also spoke of the effectiveness of the company's executive management team, as well as the success of its strategic expansion plans to target new markets, increase production, as well as diversify and strengthen the company's products, consequently increasing its regional and local market share. Siniora today occupies the largest market share in the Jordan and Palestine, and it seeks to achieve a leading position in regional markets, especially in the Gulf area. Aggad also commended Siniora Group's active and leading role within the communities in which it operates, providing approximately JD 460,000 (USD 650,000) as part of it corporate social responsibility in 2020, with efforts intensifying throughout the coronavirus pandemic, during which Siniora offered its support to social, charitable and humanitarian institutions and national funds.
Speaking about Siniora's 2020 results, company CEO Mr. Majdi Al-Sharif said that regional sales increased by 11% compared to the same period of 2019, and that the company achieved an 8% increase in its sales in the Jordanian market along with a 16% increase in the Palestinian market, particularly after the launch its new line of frozen meats. The new line of frozen products offers more than 20 varieties, all of which were well received by Palestinian consumers and achieved record sales.
Al-Sharif went on to speak about the company's future goals and the efforts exerted by team members during the coronavirus pandemic. According to Al-Sharif, the company achieved an 11% growth rate in all Gulf markets, with Saudi market realizing an annual growth of 28%, thus positively impacting the company's consolidated results. Al-Sharif explained that the company will continue to improve its performance and efficiency in order to increase the production capacity of its factories in Jordan and Palestine in an effort to meet the growing demand for its products. Al-Sharif added that the company also plans to focus on more technical and administrative issues, as well as continuing to develop and upgrade its operations, equipment and procedures. According to Al-Sharif, Siniora will also work on enhancing its human resources through regular training programs and seminars.
Al-Sharif added, "We look forward to 2021, during which we hope to continue to achieve more impressive results by entering new strategic markets. We are finalizing the acquisition of Trakya Et, the owner of the trademark Polonez, which is based in Turkey, a move that will allow the company to increase its revenues and profits in the future."
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, canned luncheon meat and frozen meat products from three state-of-the-art processing plants built using the latest technologies, in Palestine, Jordan and UAE. 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). For more information on Siniora, please visit: www.siniorafood.com.
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