The General Assembly of Siniora Food Industries Ratified Dividends Distribution to Its Shareholders Amounting to JD 4.5 Million (USD 6.35 Million) Representing 18% of the Company's Paid-in Capital; 10% as Cash Dividends Amounting to JD 2.5 Million (USD 3.53 Million) and 8% as Two Million in Bonus Shares
AMMAN, Jordan, June 4, 2020 /PRNewswire/ -- Siniora Food Industries held its ordinary general assembly on Wednesday, June 3, 2020, via the Zoom video conferencing platform. The general assembly, which was chaired by Siniora Chairman Tarek Omar Aggad, ratified a dividend distribution of 18% of the company's paid-in capital for the year ending December 31, 2020 for registered shareholders as at June 2, 2020; 10% in cash amounting to JOD 2.5 million (USD 3.53 million) and 8% as two million in bonus shares. Accordingly, the company's paid-in capital will reach JD 27 million (USD 38.08 million) following the bonus share distribution.
Aggad indicated that the year 2019 was full of achievements and developments despite the numerous challenges facing the region; Siniora group net profits amounted JD 6.1 million (USD 8.6 million), a growth of 41% year on year. Revenues grew by 15% over 2018 and amounted to JD 63.8 million (USD 89.99 million) in 2019. Total assets amounted to JD 67.4 million (USD 95.1 million) as at December 31, 2019, a growth of 10% year on year. Net equity of Siniora shareholders amounted to JD 36.4 million (USD 51.33 million), a growth of 9% year on year.
Aggad added that sales and profit levels achieved in 2019 indicate the efficiency of Siniora's executive management through the continuous improvement of performance and work efficiency to increase the production capacity in the company's factories in Palestine, Jordan and the United Arab Emirates to fulfill the increasing demand on Siniora's products, in addition to an investment in raising individual and institutional capacities by focusing on technical and administrative aspects by consistently developing machinery, technologies and work procedures as well as the development of employee skills through advanced learning opportunities.
Siniora CEO Majdi Al Sharif indicated that in 2019, the company achieved a growth in its regional revenues by 16% year on year. Moreover, Dubai-based Siniora subsidiary Diamond Meat Processing Company (Al Masa) achieved a growth in revenues by 20% year on year, which positively impacted the company's consolidated financial results and profits. The market share of frozen meat products grew by 12% in the Jordanian and Palestinian markets year on year, particularly following the launch of the frozen meat production line, which includes more than 20 new products in the Palestinian market during the fourth quarter of 2019 and was extremely well received by consumers.
Al Sharif concluded by highlighting Siniora's corporate social responsibility (CSR) efforts, confirming that the company maintained an active role in the communities within which it operates through continuous investment in the education and health sectors, entrepreneurial projects and youth as well as through its support of social, charitable, humanitarian and cultural institutions, adding that Siniora's investment in CSR amounted to JD 206,000 (USD 290,550) in 2019.
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 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 the United Arab Emirates (UAE). Siniora's factories in Jordan and Palestine also produces various frozen meat products and have been awarded the 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. 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). Siniora has also been awarded the ISO 9001 certifications for quality and food control safety, in addition to the Palestinian Standard Certificate in Palestine and the Halal Certificate issued by Jordanian Standards. Moreover, Siniora's factory in Dubai, UAE, has been awarded ISO22000:2005 for food safety management systems and ISO9001:2015 for quality management systems.
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).
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