Siniora Food Industries achieved net profits of JD 6.1 million ($8.6 Million) in 2019, a growth of 42% year on year

AMMAN, Jordan, Feb. 11, 2020 -- Siniora Food Industries  announced its consolidated preliminary (unaudited) financial results for 2019. According to the reported results, Siniora achieved net profits after tax of JD 6.1 million (USD 8.6 million) in 2019, a growth of 42% year on year. Total revenues grew by 14% year on year and amounted to JD 63.3 million (USD 89.1 million) in 2019. Total assets amounted to JD 67.2 million (USD 94.7 million) as at December 31, 2019, an increase of 10% over 2018. Net equity attributed to Siniora shareholders amounted to JD 36.4 million (USD 51.3 million) as at December 31, 2019, an increase of 9% over 2018.

In his statement, Siniora Chairman Tarek Omar Aggad announced that he is very proud of Siniora's achievements in the 100 years since its establishment, saying, "When acquired by the Arab Palestinian Investment Company (APIC) in 1996, Siniora was a small historical company employing around 30 staff members. Today, Siniora employs around 1,000 people in Jordan, Palestine, Saudi Arabia, and the United Arab Emirates, which proves that the expansion strategy put in place by the company's management, including targeting new markets, increasing production lines, enhancing and diversifying Siniora's products and ultimately fostering and increasing its market share at local and regional levels has paid off, as apparent by the significant results." Aggad confirmed that the company has maintained its number one position in the Jordanian and Palestinian markets and its leading status in regional markets, especially in the Gulf.

Siniora CEO Majdi Al Sharif indicated that in 2019, the company achieved a growth in its regional revenues by 16% when compared to the previous year. 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 the consumer.