Siniora Food Industries achieved net profits of JD 4.05 million (USD 5.7 million) in the first half of 2021, a growth of 51.3% year on year
AMMAN, Jordan, Aug. 5, 2021 /PRNewswire/ -- Siniora Food Industries PLC, the leader in the region's meat manufacturing of cold cuts, frozen and canned meat, announced its consolidated financial results for the first half of 2021. Siniora achieved net profits of JD 4.05 million (USD 5.7 million) in the first half of 2021, compared to JD 2.68 million (USD 3.78 million) for the same period of 2020, a growth of 51.3%. Revenue amounted to JD 49.86 million (USD 70.3 million) in the first half of 2021, a growth of 49% year on year.
In his statement, Siniora Chairman Tarek Omar Aggad said that the company achieved these distinguished results both through the growth of sales at all its branches and with the acquisition of the Polonez business in Turkey during March 2021, with sales of Polonez reaching JD 11.39 million (USD 16.06 million) for the past four months. Moreover, the sales of cold-cuts products continued to advance in the Jordanian market, particularly in the retail and HORECA sectors, which witnessed a growth of 75% year on year. These products have also been well received in the Palestinian market, where the company achieved JD 1.63 million (USD 2.3 million) in sales in the first half of 2021, solidifying Siniora's position in this sector.
Siniora CEO Majdi Al Sharif praised the efforts all the company's employees, which led to the achievement of these results in the first half of 2021, despite the exceptional prevailing circumstances. Al Sharif added that the company will continue to improve its sales in the region, increase its market share and enhance its market position in the Turkish market during the second half of 2021.
About Siniora
Siniora is a public shareholding company listed on Amman Stock Exchange (ASE: SNRA). It is the leader in the region's meat manufacturing. Siniora products are manufactured from four state-of-the-art factories in Palestine, Jordan, the United Arab Emirates and Turkey. For more information, visit www.siniorafood.com
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