Jordan's Siniora Food Industries achieved net profits of JD 2.676 mln in the first half of 2020

AMMAN, Jordan, Aug. 4, 2020 - Siniora Food Industries PLC, the leader in the region's meat manufacturing of cold cuts, frozen and canned meat and a listed company on the Amman Stock Exchange, announced its consolidated financial results for the first half of 2020.

Siniora achieved net profits of JD 2.676 million (USD 3.770 million) in the first half of 2020, versus JD 2.775 million (USD 3.908 million) during the same period last year. Revenues amounted JD 33.359  million (USD 46.984  million) in the first half of 2020, a growth of 10% versus same period last year.

In his statement, Siniora Chairman Tarek Omar Aggad said that the company maintained its outstanding performance and achieved very good results even under the effect of coronavirus pandemic on local, regional and global markets. According to Aggad, regional sales grew by 5% in the first half of 2020 versus same period last year, adding that Siniora's branch in Saudi Arabia marked exceptional results since its establishment in 2009, with a growth in sales of 31% compared to the same period last year. The sales of cold-cuts products continued to develop in the Jordanian market, particularly in the retail sector, which witnessed a growth of 50% in the first half of 2020 compared to the same period of 2019. These products have also been well received in the Palestinian market, where the company achieved USD 1.3 million in sales in the first half of 2020, solidifying the company's position in this sector.