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Siniora Food net profit up 98%

Siniora Food
Siniora Food   Net profit amounted to $6.43 million

Siniora Food Industries announced its consolidated preliminary unaudited financial results for 2017.

According to the reported results, Siniora achieved net profit after tax of $6.6 million in 2017, a growth of 98% year on year, while net profit attributed to Siniora's shareholders amounted to $6.43 million, marking 108% growth over 2016.

Total revenue grew by 17% year on year and amounted to $78.5 million in 2017. Total assets amounted to $86.31 million as at December 31, 2017, an increase of 3% over 2016. Net equity attributed to Siniora shareholders amounted to $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 $30.985 million by distributing four million free shares to its shareholders and distributed $1.521 million in cash dividends.

Accordingly, total dividends amounted to $7.155 million, a payout of 28.22% of Siniora's paid-up capital.


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