AMMAN, Jordan, April 20, 2017 /PRNewswire/ --
Siniora Food Industries Company held its general assembly on Wednesday, April 19, 2017, in Amman, Jordan. The general assembly, which was chaired by Siniora Chairman Tarek Aggad, ratified dividend distribution of 28.22% of the company's paid-up capital; 6% as cash dividends amounting to JOD1,080,000, and 22.22% as four million bonus shares, thus increasing Siniora's paid-up capital to JOD22 million.
Aggad stated that 2016 was full achievements for Siniora despite the constant regional challenges. Most notable was Siniora's acquisition of Diamond Meat Processing Company in the United Arab Emirates in a deal worth USD17 million, with Siniora's share amounting to USD12 million, or 70%. This acquisition comes in line with Siniora's expansion and development strategy to target new markets, and is expected to increase Siniora's share in regional markets and, more specifically, in the Gulf. Siniora also launched a new line of frozen meat products at its factory in Jordan, which includes a line-up of more than 35 products, while new frozen products were also launched in Jordanian and Saudi markets.
Siniora CEO Majdi Al Sharif stated that Siniora achieved USD47.85 million in revenues in 2016, a growth of 14.3% compared to 2015. Export sales represented 31% of Siniora's net sales outside the Jordanian and Palestinian markets. However, Siniora's net profit dropped in 2016 compared to 2015, and amounted to USD2.361 million in 2016 due to one-time extraordinary additional expenses for new investments and products that affected the results by approximately JOD2 million. Naturally, Siniora looks forward to achieving good returns from these investments in the following years. Shareholders' equity grew by 5% in 2016 compared to 2015 and amounted JOD30.16 million in 2016 against JOD28.72 million in 2015.
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, and established its factory in Jordan in 1992. Siniora acquired Diamond Meat Processing Company in Dubai in 2016. Siniora Food Industries 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 Jordan established a factory for its new line of frozen meats. Siniora Food Industries 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 the United Arab Emirates as well as in ten 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