Siniora Food Industries announced its consolidated preliminary (unaudited) financial results for 2017. According to the reported results, Siniora achieved net profit after tax of USD 6.6 million in 2017, a growth of 98% year on year, while net profit attributed to Siniora’s shareholders amounted to USD 6.43 million, marking 108% growth over 2016.
Total revenue grew by 17% year on year and amounted to USD 78.5 million in 2017. Total assets amounted to USD 86.31 million as at December 31, 2017, an increase of 3% over 2016. Net equity attributed to Siniora shareholders amounted to USD 47.33 million as at December 31, 2017, an increase of 11% over 2016.
In his statement, Siniora Chairman Tarek Omar Aggad announced that the strategy put in place by Siniora’s management to foster and increase its market share at local and regional levels has paid off, as apparent by the significant results.
He confirmed that the company has maintained its leading position in the Jordanian and Palestinian markets. Aggad added that regional sales in 2017 grew by 29% compared to 2016, supported by Siniora subsidiary, Diamond Meat Processing Company (Al Masa) in the United Arab Emirates, which was acquired in 2016 to expand regionally with a focus on Gulf markets as well as to target new ones. He also pointed out the increase in sales of the company’s frozen meat products in the Jordanian market in 2017, which marked 12% growth compared to 2016.
Aggad added that in 2017, Siniora increased its paid-up capital to USD 30.985 million by distributing four million free shares to its shareholders and distributed USD 1.521 million in cash dividends. Accordingly, total dividends amounted to USD 7.155 million, a payout of 28.22% of Siniora’s paid-up capital.
Siniora CEO Majdi Al Sharif said that the significant growth in Siniora’s results came as a result of an increase in the production capacity of its factories as well as the regional expansion of the company.
He added that Siniora subsidiary Diamond Meat Processing Company (Al Masa), which is based in Dubai, the United Arab Emirates, has been accredited by the Saudi Food and Drug Authority to export its meat products to Saudi Arabia. Siniora also purchased a 3,500-square-meter warehousing facility in Riyadh, Saudi Arabia, at a total cost of USD 2 million, a move that is in line with Siniora’s expansion strategy in the region to focus on Gulf markets. The company also purchased a 11,590-square-meter plot of land in the Industrial Estate in Amman, Jordan, at a total cost of USD 1.55 million, as a preparatory step towards expanding its plant in Jordan in the future.