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The General Assembly of Siniora Food Industries Company approved the distribution of cash dividends amounting to JD 4.2 million representing 15% of its paid-in capital, and stock dividends amounting to 2,147,059 shares
AMMAN, Jordan, May 6, 2024 /PRNewswire/ — In its ordinary and extraordinary meetings held on April 28, 2024, the general assembly of Siniora Food Industries Company approved the distribution of cash dividends amounting to JD 4.2 million to its shareholders, representing 15% of the company’s paid-in capital of JD 28 million. It also approved the distribution of 2,147,059 as stock dividends by capitalizing JD 2,147,059 from the balance of its returned earnings at year-end 2023.
Chairman of the Board of Directors Mr. Tarek Aggad commented that Siniora realized stable results in 2023 despite all the challenges faced by the company, including the war on our people in Gaza, the rise in bank interest rates, especially in Turkey, where the company operates a branch, in addition to the negative impact on the company’s results due to the application of International Accounting Standard #29 there. Aggad clarified that despite all these difficult circumstances witnessed by the region, which also included an increase in raw material costs and shipping expenses due to global events, the company achieved a net profit of JD 4.428 million in 2023 compared to JD 5.224 million in 2022. He added that the results attained in 2023 were supported by an increase of 10% year on year in the company’s sales, which amounted to JD 46.960 million in 2023 compared to JD133.628 million in 2022.
Aggad added that the company successfully issued bonds worth USD 80 million even under such exceptional circumstances, a testament to the company’s respected standing in the banking sector and strong financial and operational performance. Aggad stated that issuing bonds at a fixed interest rate of 7.75% for five years is a significant achievement for the company and will lead to reducing bank interest and improving the company’s results during the current year.
Aggad indicated that the company is in the final stages of increasing its capital cash by around JD 11 million, pending approval from the Securities Commission for its implementation, a move that will further the company’s ability to continue implementing its investment and expansion plans, especially in the construction of the company’s new factory in Jeddah, Saudi Arabia.
He added that the company continued its social responsibility initiatives by supporting the local community in all areas within which it operates, supporting various sectors including the medical, educational, and social sectors, and assisting our people in the Gaza Strip. Total investment in social responsibility in 2023 amounted to JD 455,000 compared to JD 366,000 in 2022.
Speaking about the company’s results, Siniora CEO Engineer Majdi Al-Sharif affirmed that Siniora maintained its sales level in the Jordanian and Palestinian markets despite all the conditions surrounding the region, which also included losing the company’s sales in the Gaza Strip during the last quarter of 2023. The company’s sales in the Gulf witnessed a significant growth of 12% and in the Turkish market by 30% due to inflation, which reflected on the company’s financial results for the past year.
He added that the company has launched the initial stages towards establishing its factory in Jeddah, Saudi Arabia, which will be a paradigm shift for the company and will support the company’s sales in the Saudi market.
Siniora Food Industries is a publicly listed company on the Jordanian financial market, and the owner of the Siniora, Unium, Polonez, and Al-Masa brands, and is a subsidiary of the Arab Palestinian Investment Company – APIC.
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French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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