Jordanian Siniora expands business

Jordanian Siniora expands business

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Jordanian Siniora Food Industries 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 has also purchased a 11,590 m2 plot of land in the Industrial Estate in Amman, at a total cost of USD 1.55 million, as a preparatory step towards expanding its plant in Jordan in the future.

 

Siniora announced its consolidated preliminary (unaudited) financial results for 2017, achieving a net profit of USD 6.6 million in 2017, a 98 percent growth year on year.

 

In his statement, Chairman Tarek 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 percent 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 percent growth compared to 2016.

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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.

 

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