AMMAN, Jordan, April 23, 2018 /PRNewswire/ --
Siniora Food Industries held its general assembly on
Thursday, April 19, 2018, in
Amman, Jordan. The general
assembly, which was chaired by Siniora Chairman Tarek Omar Aggad, ratified dividend distribution
of 23.63% of the company's paid-up capital; 10% as cash dividends
amounting to JOD 2.2 million (USD 3.1
million), and 13.63% as three million bonus shares, thus
increasing Siniora's paid-up capital to JOD 25 million
(USD 35.3 million).
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Siniora's general assembly also ratified increasing the number
of its board of directors from five to seven members and elected
Ms. Lana Ghanem (Managing Director
of Hikma Ventures) and Mr. Amin
Abdulrahim (General Manager of Perfetti Van Melle -
Middle East & Africa) as new independent board members in
compliance with corporate governance regulations of public
shareholding companies issued by the Jordanian Securities
Commission.
In his statement, Aggad stated that 2017 was full
achievements for Siniora despite the constant regional challenges.
He added that the Siniora group achieved net profit after tax of
USD 6.6 million in 2017, a growth of
98% year on year, while net profit attributed to Siniora's
shareholders amounted to USD 6.43
million, marking 108% growth over 2016. Total revenue grew
by 17% year on year and amounted to USD 78.5
million in 2017. Total assets amounted to USD 86.31 million as at December 31, 2017, an increase of 3% over 2016.
Net equity attributed to Siniora shareholders amounted to
USD 47.33 million as at December 31, 2017, an increase of 11% over
2016.
Aggad added that the strategy put in place by Siniora's
management to foster and increase its market share at local and
regional levels has paid off, as apparent by the significant
results. He confirmed that the company has maintained its leading
position in the Jordanian and Palestinian markets. Regional sales
in 2017 grew by 29% compared to 2016, supported by Siniora
subsidiary Diamond Meat Processing Company (Al
Masa) in the United Arab
Emirates, which was acquired in 2016 to expand regionally
with a focus on Gulf markets as well as to target new ones. He also
pointed out the increase in sales of the company's frozen meat
products in the Jordanian market in 2017, which marked 12% growth
compared to 2016.
Siniora CEO Majdi Al Sharif said
that the significant growth in Siniora's results came as a result
of an increase in the production capacity of its factories as well
as the regional expansion of the company. He added that Siniora
subsidiary Diamond Meat Processing Company (Al Masa), which is
based in Dubai, the United Arab Emirates, has been accredited by
the Saudi Food and Drug Authority to export its meat products to
Saudi Arabia. Siniora also
purchased a 3,500-square-meter warehousing facility in Riyadh, Saudi Arabia, at a total cost of
USD 2 million, a move that is in line
with Siniora's expansion strategy in the region, which will focus
on Gulf markets. The company also purchased a 11,590-square-meter
plot of land in the Sahab Industrial Estate in Amman, Jordan, at a total cost of USD 1.55 million, as a preparatory step towards
expanding its plant in Jordan in
the future.
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