Siniora Food Industries First Half of 2019 raises the net profit about 25% of same period 2018, the total sum is JD 2.775 Million (USD 3.913 Million)
Siniora Food Industries PLC, the pioneer in the region's meat manufacturing of cold cuts, frozen and canned meat and a listed company on the Amman Stock Exchange, declared its consolidated financial results for the first half of 2019. Siniora achieved net profits of JD 2.775 million (USD 3.913 million) in the first half of 2019, a growth of 25% versus same period last year. Revenues amounted JD 30.369 million (USD 42.834 million) in the first half of 2019, a growth of 8% versus same period in 2018.
In his announcement, Siniora Chairman Tarek Omar Aggad affirmed that the strategy of efficiency and development laid out by the company at all its locations paid off and led to a growth in the organization's outcomes. Aggad included that regional sales grew by 10% compared to the same period last year. Moreover, the Siniora brand of cold cuts witnessed a growth of 8% and 6% in the first half of 2019 in the Jordanian and Palestinian markets respectively, compared to the same period of 2018, thus enhancing its market share and leading position in all markets in which it operates. Aggad went on to add that Siniora was able to achieve notable growth of 32% versus last year in the sales of frozen meat, particularly in the retail and HORECA sectors.
Siniora CEO Majdi Al Sharif said that the organization's plans along with the endeavors of the executive management and the directions of the board of directors for Diamond Meat Processing Company in Dubai were fruitful, with sales growing by 24% in the first half of 2019 compared to the same period last year, which led to a positive effect on Siniora's financial results and profits. Al Sharif included that the company achieved prominent successes and considerable growth in sales since the launch of its frozen meat line in Jordan in 2016, and thus has commenced preparations to introduce the same production line in the Palestinian markets towards the last quarter of 2019. Al Sharif concluded that the company will continue to enhance its leading position and grow its market share in the local and regional levels.
