The General Assembly of Siniora Food Industries Ratified Dividend Distribution to its Shareholders of 18.7% of the Company's Paid-in Capital - 15% as Cash Dividends Amounting to JD 4.05 Million (USD 5.71 million) and 3.7% as One Million in Bonus Shares
AMMAN, Jordan, April 22, 2021 /PRNewswire/ -- Siniora Food Industries held its ordinary and extraordinary general assembly on Wednesday, April 21, 2021. The general assembly, which was chaired by Siniora Chairman Tarek Omar Aggad, ratified the dividend distribution of 18.7% of the company's paid-in capital for the year ending December 31, 2020, for registered shareholders as at April 20, 2021, 15% in cash amounting to JOD 4.05 million (USD 5.71 million) and 3.7% as one million in bonus shares. Accordingly, the company's paid-in capital will reach JD 28 million (USD 39.49 million) following the bonus share distribution.
The General Assembly also elected a new board of directors for the company after increasing the number of board members from seven to nine members. New board members included Aswaq Investment Portfolios Company and Mrs. Suzanne Afanah, a former minister of tourism and antiquities in the Jordanian government, a communications professional and award-winning journalist with well over 30 years of experience as a senior executive in media, television, and mass communications. Currently, she is the managing partner at Advvise, a leading communications firm in Jordan and she also serves on the boards of a number of institutions.
Siniora Chairman of the Board Mr. Tarek Omar Aggad said despite the fact that 2020 was full of challenges due to the coronavirus pandemic, Siniora group was able to achieve unprecedented financial results, which coincide with the company's centennial celebrations of its establishment and the launch of the Siniora brand. Aggad also spoke of the effectiveness of the company's executive management team, as well as the success of its strategic expansion plans to target new markets, increase production, as well as diversify and strengthen the company's products, consequently increasing its regional and local market share. Siniora today occupies the largest market share in the Jordan and Palestine, and it seeks to achieve a leading position in regional markets, especially in the Gulf area. Aggad also commended Siniora group's active and leading role within the communities in which it operates, providing approximately JD 460,000 (USD 650,000) as part of its corporate social responsibility programs in 2020, with efforts intensifying throughout the coronavirus pandemic, during which Siniora offered its support to social, charitable and humanitarian institutions as well as national funds.
Speaking about Siniora's 2020 results, company CEO Mr. Majdi Al-Sharif said that regional sales increased by 11% compared to the same period of 2019, and that the company achieved an 8% increase in its sales in the Jordanian market along with a 16% increase in the Palestinian market, particularly after the launch its new line of frozen meats. The new line of frozen products offers more than 20 varieties, all of which were well received by Palestinian consumers and achieved record sales.
Al-Sharif went on to speak about the company's future goals and the efforts exerted by team members during the coronavirus pandemic. He explained that the company will continue to improve its performance and efficiency in order to increase the production capacity of its factories in Jordan and Palestine in an effort to meet the growing demand for its products. Al-Sharif added that the company also plans to focus on more technical and administrative issues, as well as continuing to develop and upgrade its operations, equipment, and procedures. According to Al-Sharif, Siniora will also work on enhancing its human resources through regular training programs and seminars.
Al-Sharif added, "We look forward to 2021, during which we hope to continue to achieve more impressive results by entering new strategic markets. We are finalizing the acquisition of Trakya Et, the owner of the trademark Polonez, which is based in Turkey, a move that will allow the company to increase its revenues and profits in the future."
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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