Siniora Food Posts 36 Percent Growth in H1 Net Profit
Jordan-based Siniora Food Industries, a pioneer in the manufacturing of cold cuts, frozen meat and luncheon, has reported a net profit of JD1.926 million ($2.7 million) for the first half of 2017, a growth of 36 per cent compared with the same period of 2016.
While total revenues grew by 16 per cent over the same period of 2016, and amounted to JD27.5 million ($38.8 million) in the first half of 2017, said a statement from the company.
Chairman of Siniora Tarek Omar Aggad announced that the company's positive results confirm the success of the expansion and development strategy put in place, especially in the Gulf and several Arab countries, which led the company's growth and that have boosted its position and strength and enhanced its financial position, as well as increased its market share locally and regionally.
Aggad added that the Siniora's regional sales grew by 26 per cent in the first half of 2017, compared to the same period of 2016, predominantly after its acquisition of the Diamond Meat Processing Company in Dubai in 2016, which has recently been accredited by the Saudi Food and Drug Authority to export its meat products to Saudi Arabia.
Moreover, the company's sales increased across all the Gulf markets, with a sharp increase in the sales of the frozen meat products in the Jordanian market. Aggad confirmed that Siniora has continued to maintain its leading position both in the Palestinian and Jordanian markets.
Siniora Food Industries, a subsidiary of Arab Palestinian Investment Company (APIC), is a market leader in the manufacture and sale of branded Siniora Al-Quds and Unium processed meat.
It was founded in Jerusalem, Palestine, in 1920, and established its factory in Jordan in 1992. Siniora acquired Diamond Meat Processing Company in Dubai in 2016.
Siniora produces cold cuts and canned luncheon meat from three state-of-the-art processing plants in Palestine, Jordan and UAE. In 2015, Siniora Jordan established a factory for its new line of frozen meats.
Siniora 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 UAE as well as in 10 other countries in the Middle East.
Siniora also has distribution centres in Saudi Arabia, UAE and a dedicated export department covering the Gulf and the Levant, it stated.
Source: Trade Arabia
Siniora Food Industries
The extraordinary success of Siniora's well-established and long-standing brand traces its heritage back to its founding in Jerusalem in 1920, the immortal city with which Siniora has been synonymous for almost a century. In 1992, and due to the growing demand for Siniora’s superior-quality delicatessen meat products, a factory was established in Sahab, Jordan, under the name of Siniora Food Industries. After decades of success, in 1996, the Arab Palestinian Investment Company (APIC) acquired Siniora’s two branches. Through APIC’s substantial investments, Siniora witnessed an exponential increase in resources and capacities that allowed it to add new product lines and integrate the latest technologies that exceeded the highest standards of quality in food production, supplying markets beyond Jordan and Palestine into Syria, Lebanon, Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Omar, Yemen and Bahrain. Today, Siniora operates some of the most advanced factories in the world within the processed meat industry