Thursday 18 October 2018

Jordan's Siniora Food to distribute cash dividends

AMMAN, April 22, 2017

Jordan-based Siniora Food Industries Company, a market leader in the manufacture and sale of processed meat, is set to distribute 28.2 per cent of the company's paid-up capital, six per cent as cash dividends amounting to JD1.08 million ($1.51 million) and 22.2 per cent as four million bonus shares to its shareholders, said a senior official.

With this, its paid-up capital has risen to JD22 million ($31 million), said Siniora CEO Majdi Al Sharif.

He was speaking at the company's recent general assembly held under the chairmanship of Tarek Aggad, which ratified the dividend distribution.

Aggad pointed out that 2016 was full achievements for Siniora despite the constant regional challenges.

Most notable was Siniora's acquisition of Diamond Meat Processing Company in the UAE in a deal worth $17 million, with Siniora's share amounting to $12 million, or 70 per cent.

This acquisition comes in line with Siniora's expansion and development strategy to target new markets, and is expected to increase its share in regional markets and, more specifically, in the Gulf, said the company in a statement.

Siniora also launched a new line of frozen meat products at its factory in Jordan, which includes a line-up of more than 35 products, while new frozen products were also launched in Jordanian and Saudi markets, it added.

Al Sharif said Siniora achieved JD47.85 million in revenues in 2016, up 14.3 per cent compared to 2015.

Export sales represented 31 per cent of Siniora’s net sales outside the Jordanian and Palestinian markets. However, Siniora's net profit dropped last year compared to 2015, and amounted to JD2.361 million in 2016 due to one-time extraordinary additional expenses for new investments and products that affected the results by JD2 million.

A market leader in the manufacture and sale of branded Siniora Al Quds and Unium processed meat, Siniora, was founded in Jerusalem, Palestine, in 1920. The company later established its factory in Jordan in 1992.

Since Siniora Jordan established a factory for its new line of frozen meats in 2015, it has been awarded the Food Safety System Certificate (FSSC 22000) and ISO 9001 certifications for quality and food control safety, in addition to the Palestinian Standard Certificate in Palestine and Halal Certificate issued by Jordanian Standards.

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 since 2014.

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 ten other countries in the Middle East.

Siniora also has distribution units in Saudi Arabia, the UAE and a dedicated export department covering the Gulf and the Levant.-TradeArabia News Service

Tags: Jordan | cash dividends | Siniora Food Industries |

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