AMMAN, Jordan, April 18, 2019 /PRNewswire/ -- Siniora Food Industries held its ordinary general assembly on Wednesday, April 17, 2019, in Amman, Jordan. The general assembly, which was chaired by Siniora Chairman Tarek Omar Aggad, ratified a dividend distribution of 12% of the company's paid-in capital as cash dividends, amounting to JOD 3 million (USD 4.2 million).
Aggad indicated that the company achieved respectable results in 2018, despite the numerous challenges facing the region; revenues amounted to JD 55.66 million (USD 78.39 million) in 2018, compared to JD 55.81 million (USD 78.60 million) in 2017. Although Siniora achieved a growth of over 2% in revenues, the company's adoption of IFRS 15 had a negative impact of approximately JD 1 million on revenue, which was caused by a reclassification of part of the sales and marketing expenses that were recorded under net sales. Net profits amounted to JD 4.33 million (USD 6.10 million) in 2018, taking into account the increase in manufacturing expenses in Jordan along with an increase in the cost of raw materials in Palestine in the fourth quarter of 2018.
As for regional expansion, Aggad stated that Siniora acquired Dubai-based Diamond Meat Processing Company in its entirety, buying out the shares of its partner, Emerging Investment Partners (EIP), which represented 30% of the company, in a deal worth JD 4.5 million (USD 6.14 million). Previously in 2016, Siniora had acquired 70% of the company in a deal worth JD 8.52 million (USD 12 million).
In his statement at the general assembly, Siniora CEO Majdi Al Sharif confirmed that the company has maintained its leading position in the Jordanian, Palestinian and Gulf markets, adding that the company was able to achieve a noticeable growth of 52% in 2018, compared to the previous year, in the Jordanian frozen meat market, and expanded its presence in the retail and HORECA sectors, in addition to raising the production capacities of its factories and maintaining the high quality of its products.
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).