Siniora Food Industries Company achieves a net profit of JD 7.1 million (USD 10 million) in 2020, a growth of 16% year on year

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. ...

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. According to Al-Sharif, the company achieved an 11% growth rate in all Gulf markets, with Saudi market realizing an annual growth of 28%, thus positively impacting the company's consolidated results. Al-Sharif 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."

About Siniora

Siniora Food Industries is a market leader in the manufacture and sale of branded Siniora Al-Quds and Unium processed meat. The company was founded in Jerusalem, Palestine, in 1920, established its factory in Jordan in 1992, and was acquired by APIC in Palestine and Jordan in 1996. Siniora acquired the Diamond Meat Processing Company in Dubai in 2016. Siniora Food Industries produces cold cuts, canned luncheon meat and frozen meat products from three state-of-the-art processing plants built using the latest technologies, in Palestine, Jordan and UAE. The company markets its products through mass merchandisers, grocery stores, high-frequency stores and department stores in Jordan, Palestine, Saudi Arabia and the UAE as well as in many other countries in the Middle East. Siniora also has distribution centers in Saudi Arabia, the UAE and a dedicated export department covering the Gulf and the Levant. Siniora is a public shareholding company and is listed on the Amman Stock Exchange (ASE: SNRA). For more information on Siniora, please visit: www.siniorafood.com.

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