May 30 2012
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Siniora Food Industries P.L.C. Announces Its Q1 Results of 2012, Recording a 49% Increase in Sales
Siniora Food Industries P.L.C., a leader in the manufacturing of meat, cold cuts and a variety of luncheons, announced an unprecedented achievement in financial results at the end of 2012's first quarter. During this quarter, Siniora recorded sales that reached JD 7.298 million, and net profits worth JD 710,365, based on the audited financial reports which have been carefully reviewed by the company's auditor. These reports have been filed before the Jordan Securities Commission and the Amman Stock Exchange.
This achievement and the improvement in the company's financial results are due to the growth of the company's sales both locally and regionally - a 49% increase from the results of last year's first quarter. Indeed, this profit is a result of integrating the sales of Siniora with Unium, following Siniora's acquisition of the famous Unium brand that took place mid last year. Accordingly, the operation of the distribution center for the company is underway in the Kingdom of Saudi Arabia.
The announcement was made at a press conference held by the company on Wednesday 30th of May 2012 at the Intercontinental Hotel Amman, where Siniora CEO Engineer Majdi Al Sharif spoke in the presence of Siniora officials as well as representatives of the local media.
Prior to the conference, a tour of the company's factory, which is located in King Abdallah II Industrial City in Sahab, was organized to observe the techniques used by the company and the standard quality of food safety measures used in production lines.
At the conference, Mr. Al Sharif said that the company's profits for the period that ended on March 31st reflects the company's outstanding performance, high capabilities and efficient plans, noting that these results have shown significant growth across all of the company's financial indicators when compared with the results achieved during the same period last year and in previous years.
Al Sharif attributed these excellent results to the company's policy of expansion, which is aimed at developing and growing the business. This policy is also aimed at strengthening Siniora's leadership position as a strong investment model in the meat industry, by boosting its market share at the local and regional levels, expanding its scope of operations and geographical outreach into new markets and adding more brands to its portfolio. This has led to the company strengthening and diversifying the range of its products and accordingly, a growth in its sales and earnings on capital.
Siniora has also taken a series of expansion steps over the past year, where it acquired Unium, a well-known brand in Jordan, making Siniora its official owner. Also in its achievement of its goal to enhance its expansion, Siniora has started the operations of its KSA branch based in Riyadh, the company is fully functional and registered in the kingdom under the name of Saudi Siniora Company.
Al Sharif also explained that the company operates its production line at its modern plant, which is highly equipped with the latest machinery, located in King Abdallah II Industrial City. He indicated that Siniora Food Industries P.L.C. completes its work within the highest standards of quality and food safety, and such work ethic has granted Siniora the ISO 9001 certification for specifications and quality, as well as the HACCP 22000 System certification for food control. All this is in addition to its continuous efforts to building a foundation based on sound and consistent business practices, fully adhering to the highest standards of professionalism and health safety conditions, which contributed to its acquiring the trust of its customers in both the local and regional markets.
At the end of the conference, Al Sharif presented a number of future plans and strategic projects aimed at achieving further progress and upgrades to the company's business to ensure that it continues carrying out its essential and pivotal role in the development of the meat and food industry, enhancing its contribution to the growth of the national economy and the development and modernization of production lines and creating more new products. Additionally, Siniora is entering African markets in the Cameroon as well as other markets in Central and West Africa.
It is noteworthy that Siniora's brand was founded in Palestine in 1920. Following nine decades of operation, Siniora has become a popular name associated with quality processed meat, as a result of its commitment to its objectives, which is to reach consumers everywhere and to become an essential production component of the national Jordanian economy.
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