Halal Industry

The General Assembly of Siniora Food Industries ratified dividends distribution to shareholders

AMMAN, Jordan, June 4, 2020 -- 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.

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