Jordan – Together – The General Assembly of ‘Siniora’ Company for Regular and Extraordinary Food Industries, in its two meetings held on 04/28/2024, approved the distribution of cash dividends worth 4.2 million dinars, at a rate of 15% of the company’s paid-up capital, amounting to 28 million dinars, and the distribution of bonus shares worth 2,147,059 shares/dinars through capitalization of 2,147,059 dinars from the retained earnings balance as at the end of the 2023 fiscal year.
Commenting on the company’s financial results for the year 2023, Mr. Tarek Al-Akkad, Chairman of the Board of Directors, explained that Siniora Company achieved stable results over the past year despite all the challenges and difficulties that the company faced during the war on our brothers in Gaza and the rise in bank interest, especially in the company’s branch in Republic of Turkey, in addition to the negative impact on the company’s results as a result of the application of International Accounting Standard No. 29. Al-Akkad ex
plained that despite all these difficult circumstances that the region witnessed, which were also represented by the increase in the costs of raw materials and shipping expenses as a result of global events, the company was able to achieve profits. A net profit of 4,428 million dinars compared to net profits of 5,224 million dinars in the previous year 2022, supported by an increase in the company’s sales, which amounted to 146,960 million Jordanian dinars compared to the previous year, amounting to 133,628 million dinars, with a growth rate of 10%.
Al-Aggad explained that the company successfully completed the issuance of bonds worth $80 million in light of these exceptional circumstances, which indicates the strength of the company’s financial position and the confidence of the banking sector in the company’s operational and financial performance. Al-Aggad stated that issuing bonds at a fixed interest rate of 7.75% for a period of five years is considered a major achievement for the company. It will lead t
o reducing bank interest and improving the company’s results during this year.
Al-Akkad indicated that the company is in the final stages of raising the company’s capital in cash by approximately 11 million dinars and is awaiting the approval of the Securities Commission to implement it. This will also enhance the company’s ability to continue implementing its investments and expansions, especially in building the company’s new factory in Jeddah – the Kingdom of Saudi Arabia.
Al-Aqqad added that the company continued to support the local community in all areas of its presence by continuing to support social responsibility, as the company contributed to supporting most of the medical, educational and social sectors and helping our people in the Gaza Strip, as the amount of support provided by the company last year amounted to 455 thousand dinars. Compared to 366 thousand dinars the previous year.
Commenting on the results, Engineer Magdi Al-Sharif, CEO of the company, confirmed that the company maintained t
he level of its sales in the Jordanian and Palestinian markets despite all the circumstances surrounding the region and the loss of its sales to our people in the Gaza Strip during the last quarter of 2023, and the company’s sales in the Gulf witnessed a remarkable growth of 12% and 30% in the Turkish market as a result of inflation, and this was reflected in the company’s financial results for last year. He added that the company has begun the first stages of establishing its factory in Jeddah – the Kingdom of Saudi Arabia, which will be a qualitative leap for the company and will contribute to supporting the company’s sales in the Saudi market.
Siniora Company is a public joint stock company listed on the Jordanian financial market and owns the trademarks ‘Siniora’, ‘Unium’, ‘Bolognese’ and ‘Al Massa’. It is one of the companies affiliated with the Arab Palestinian Investment Company – APIC.
Source: Maan News Agency