Salhou , Sand Mohammad; Buchanan, F. Robe
A icle
Endu ing legacy: P oud oo s in an unce ain Land
Adminis a i e Sciences
P o ided in Coope a ion wi h:
MDPI – Mul idisciplina y Digi al Publishing Ins i u e, Basel
Sugges ed Ci a ion: Salhou , Sand Mohammad; Buchanan, F. Robe (2025) : Endu ing legacy: P oud
oo s in an unce ain Land, Adminis a i e Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 15, Iss. 3, pp.
1-17,
h ps://doi.o g/10.3390/admsci15030084
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/321228
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Recei ed: 21 Decembe 2024
Re ised: 22 Feb ua y 2025
Accep ed: 25 Feb ua y 2025
Published: 28 Feb ua y 2025
Ci a ion: Salhou , S. M., & Buchanan,
F. R. (2025). Endu ing Legacy: P oud
Roo s in an Unce ain Land.
Adminis a i e Sciences,15(3), 84.
h ps://doi.o g/10.3390/
admsci15030084
Copy igh : © 2025 by he au ho s.
Licensee MDPI, Basel, Swi ze land.
This a icle is an open access a icle
dis ibu ed unde he e ms and
condi ions o he C ea i e Commons
A ibu ion (CC BY) license
(h ps://c ea i ecommons.o g/
licenses/by/4.0/).
Case Repo
Endu ing Legacy: P oud Roo s in an Unce ain Land
Sand Mohammad Salhou 1,* and F. Robe Buchanan 2
1Adminis a i e Sciences, A ab Ame ican Uni e si y, Ramallah 240, Pales ine
2Managemen Depa men , Indiana Uni e si y o Pennsyl ania, Indiana, PA 15705, USA; d [email p o ec ed]
*Co espondence: ssalhou @s a .alquds.edu
Abs ac : Sinio a Food Indus ies o Pales ine was acing a s a egic dilemma. They had
sold packaged mea s o o e 100 yea s in a challenging and isky en i onmen . Sinio a had
ca ed a pa h o g ow h, expansion, and de elopmen , showcasing he powe o endu ance.
Ini ially sold by local shopkeepe s, he company’s p oduc s had gone om local o egional.
Publicly aded on he Jo dan exchange, Sinio a had become a amous b and in Jo dan, he
Gul egion, UAE, and Saudi A abia. They used expo as well as wholly-owned subsidia y
manu ac u ing acili ies. Sinio a managemen conside s cu en ly s alled p o i abili y,
possible s a egies, and isk as he case opens. They d eam o a bold mo e ha could span
he Asian con inen and ake he company o he nex le el. O cou se, such a ailu e could
be ca as ophic. Wha a e some s a egies ha would be sugges ed? Fu he mo e, can we
de ise a ho ough ac ion plan conside ing he geopoli ical con ex ?
Keywo ds: eme ging ma ke s; s a egic managemen ; ood indus y; ma ke en y; isk
1. In oduc ion
Sinio a Al-Quds aced a s a egic managemen dilemma ha could be comple ed on
ime. Sales inc eases in he mul ina ional o ganiza ion we e on a slowing end, bu mo e
conce ning was ha ne p o i abili y had been declining. Since i s incep ion a hund ed
yea s ago, selling packaged mea s h ough shopkeepe s, he company has gone om
local o egional. Now, Sinio a managemen d eams o a bold mo e ha could span he
Asian con inen and ake he company o he nex le el. O cou se, such a ailu e could be
ca as ophic. How did a company wi h such humble beginnings as a small amily business
om a oubled land become a publicly aded mul ina ional powe house?
2. Company Backg ound
Sinio a Al-Quds was ounded in 1920; he amily ea u ed supe io -quali y delica essen
mea p oduc s and became he ma ke leade in Eas Je usalem. Thei indus y segmen
comp ised p ocessed mea , p epa ed mea , o packaged mea . This was o be di e en ia ed
om esh mea p oduc s. P ocessed p oduc s ha e unde gone a ious modes o p ese -
a ion and packaging, such as cu ing, smoking, and canning. In addi ion o enhancing
he la o , hese p oduc s a e mo e accessible o ship han esh mea , wi h an ex ended
shel li e and educed e ige a ion equi emen s (Ma ke wide Resea ch,2024). Sinio a’s
delicious deli mea s and good selle s wi h s o ekeepe s we e popula a he able (see
Figu e 1).
Adm. Sci. 2025,15, 84 h ps://doi.o g/10.3390/admsci15030084
Adm. Sci. 2025,15, 84 2 o 17
Adm. Sci. 2025, 15, x FOR PEER REVIEW 2 o 18
a con aine om China o Ko ea cos s abou USD 1200. In 1992, a ac o y was es ablished
in Sahab, Jo dan, unde Sinio a Food Indus ies. Exci ing g ow h and expansion occu ed
o he Pales inian company as hey sa u a ed hei home ma ke and hen wen ab oad.
In 1996, he A ab Pales inian In es men Company (APIC) acqui ed Sinio a’s wo
b anches. Th ough APIC’s subs an ial in es men s, Sinio a inc eased i s p oduc ion ca-
paci ies, which allowed i o add new p oduc lines (Asia News Moni o , 2018).
Figu e 1. Sinio a p oduc s; sou ce: h ps://s o e.sinio a ood.com/.(accessed on 2 Ma ch 2024)
Majdi Al-Sha i is he chie execu i e office o he Sinio a G oup o Food Indus ies.
He began his p o essional ca ee in 1980 and has held nume ous posi ions and esponsi-
bili ies in mul iple companies o 35 yea s. Be o e his wo k wi h APIC in 2005, Al-Sha i
wo ked in Saudi A abia wi h P oc e & Gamble o o e 20 yea s, whe e he held se e al
posi ions including Manage and Execu i e Manage in ope a ions and planning. In 2002,
he mo ed o he UAE o es ablish a business cen e and become a ac o y manage in one
o P oc e & Gamble’s companies u ilizing his as expe ience and enginee ing back-
g ound. In Oc obe 2005, Al-Sha i joined APIC as a CEO o Sinio a Food Indus ies in
Jo dan and Pales ine, he egion’s leading company in p ocessed mea manu ac u ing. He
o e sees he company’s gene al managemen and de ines he annual and s a egic goals.
Al-Sha i is also he chai man o Al Masa Diamond Mea P ocessing Company in Dubai,
a Sinio a subsidia y, and a membe o he Jo dan S a egy Fo um, he Jo dan Eu ope Busi-
ness Associa ion, he Jo dan Expo e s Associa ion, and he Jo danian Enginee s Associa-
ion.
In 2009, Sinio a T ading Company was assigned as a dis ibu ion company o expand
in o he Saudi A abian ma ke . Saudi Sinio a es ablished a acili y in Riyadh wi h 3,500
squa e ee o s o age space, in addi ion o a b anch in Jeddah and one in Dammam. In
2011, he company acqui ed Unium, consolida ing Sinio a Food Indus ies as he domi-
nan ma ke leade wi hin Jo dan and Pales ine o bo h canned mea s and cold cu s, o -
e ing i s Sinio a and Unium b ands o e e y household. I wen public in 2012 and aded
Figu e 1. Sinio a p oduc s; sou ce: h ps://s o e.sinio a ood.com/ (accessed on 2 Ma ch 2024).
Using an expo s a egy, Sinio a ound shipping cos s om Eas Je usalem e y high.
Fo example, o send one con aine o nea by Gaza cos s USD 2000, while shipping a
con aine om China o Ko ea cos s abou USD 1200. In 1992, a ac o y was es ablished in
Sahab, Jo dan, unde Sinio a Food Indus ies. Exci ing g ow h and expansion occu ed o
he Pales inian company as hey sa u a ed hei home ma ke and hen wen ab oad. In
1996, he A ab Pales inian In es men Company (APIC) acqui ed Sinio a’s wo b anches.
Th ough APIC’s subs an ial in es men s, Sinio a inc eased i s p oduc ion capaci ies, which
allowed i o add new p oduc lines (Asia News Moni o ,2018).
Majdi Al-Sha i is he chie execu i e o ice o he Sinio a G oup o Food Indus ies.
He began his p o essional ca ee in 1980 and has held nume ous posi ions and esponsi-
bili ies in mul iple companies o 35 yea s. Be o e his wo k wi h APIC in 2005, Al-Sha i
wo ked in Saudi A abia wi h P oc e & Gamble o o e 20 yea s, whe e he held se e al
posi ions including Manage and Execu i e Manage in ope a ions and planning. In 2002,
he mo ed o he UAE o es ablish a business cen e and become a ac o y manage in
one o P oc e & Gamble’s companies u ilizing his as expe ience and enginee ing back-
g ound. In Oc obe 2005, Al-Sha i joined APIC as a CEO o Sinio a Food Indus ies in
Jo dan and Pales ine, he egion’s leading company in p ocessed mea manu ac u ing. He
o e sees he company’s gene al managemen and de ines he annual and s a egic goals.
Al-Sha i is also he chai man o Al Masa Diamond Mea P ocessing Company in Dubai, a
Sinio a subsidia y, and a membe o he Jo dan S a egy Fo um, he Jo dan Eu ope Business
Associa ion, he Jo dan Expo e s Associa ion, and he Jo danian Enginee s Associa ion.
In 2009, Sinio a T ading Company was assigned as a dis ibu ion company o ex-
pand in o he Saudi A abian ma ke . Saudi Sinio a es ablished a acili y in Riyadh wi h
3500 squa e ee o s o age space, in addi ion o a b anch in Jeddah and one in Dammam. In
2011, he company acqui ed Unium, consolida ing Sinio a Food Indus ies as he dominan
ma ke leade wi hin Jo dan and Pales ine o bo h canned mea s and cold cu s, o e ing i s
Sinio a and Unium b ands o e e y household. I wen public in 2012 and aded on he
Adm. Sci. 2025,15, 84 3 o 17
Amman S ock Exchange as SNRA. In 2014, Sinio a Gul Gene al T ading was es ablished
as a dis ibu ion company a ge ing he UAE ma ke (see Table 1).
Table 1. Sinio a subsidies; sou ce: c ea ed by he Au ho s.
Subsidy
Type Numbe Loca ion Type o
In es men Yea
Fac o y 1 Pales ine Local Fac o y 1920 ( he o iginal b and was
hen sold o APIC g oup in 1996)
Fac o y 3 Jo dan, Dubai, Tu key Acquisi ion
Jo dan in 2011
Dubai in 2015
Tu key in 2020
T ading
Companies 2 UAE, Saudi A abia Fo eign Di ec
In es men
2016 in Dubai
2009 in Saudi A abia
Dis ibu o 12
Aus alia, Oman, Yemen, Qa a ,
Bah ain, Kuwai , I aq, Sy ia,
Lebanon, Egyp , Libya, and Sudan.
Licensed
dis ibu o
In 2015, p oduc ion lines we e upg aded o include ozen oods, which complemen
he company’s la ge asso men o cold cu s and canned mea , including mo adella, oas ed
mea s, luncheon mea s, salami, sausages, canned mea s, bu ge s, escallops, spiced ile s,
pas ies, and kubbeh. They de eloped new egan plan -based p oduc s unde Badeel, a
mea al e na i e. I is soy- ee and glu en- ee, and comes in ou ca ego ies—bu ge s,
minced, sausages, and nugge s.
Wi h hose imp o emen s, Sinio a was p oduced om h ee s a e-o - he-a p ocessing
plan s wi h he mos ad anced echnologies: one in Eas Je usalem, he second in King
Abdullah II Indus ial Es a e in Jo dan, and he hi d in he Uni ed A ab Emi a es (Ha ey,
2021). Sinio a is acing compe i ion in hese ma ke s, especially in Jo dan (See Table 2).
Table 2. Jo danian compe i ion; sou ce: h ps://www.mo do in elligence.com/indus y- epo s/
middle-eas -edible-mea -ma ke (accessed on 10 Sep embe 2024).
Key Jo danian Compe i o s Ci y Coun y
A ia In e na ional Co. Amman Jo dan
Ib ahim Odeh & Pa ne s Co. Amman Jo dan
Maayah In e na ional En e p ise Inc. Amman Jo dan
Then, in 2016, Sinio a acqui ed he Dubai-based Diamond Mea P ocessing Com-
pany (Al-Masa), loca ed in he UAE, which u he inc eased he company’s each in he
GCC ma ke . In 2021, Sinio a Food Indus ies acqui ed a majo i y s ake in Tu kish pee
T akya ET, which owned he Polonez b and (GlobalDa a plc,2023). By his ime, Sinio a
Food Indus ies was o icially headqua e ed in Amman, Jo dan (Sinio a Food Indus ies
Company—Saudi A abia,2023).
In 2023, Sinio a mo ed beyond jus wa ehousing in Saudi A abia by signing a pa ne -
ship ag eemen o es ablish i s i s ac o y in Jeddah wi h a USD 37 million in es men ,
p o iding se e al hund ed jobs (Mo do In elligence,2023a). Sinio a Company signed
an ag eemen in 2024 wi h Saudi A abia o es ablish a new ac o y o manu ac u e all
ypes o p ocessed and ozen mea . This in es men is es ima ed a SAR 140 million (USD
37 million). The ac o y’s expec ed annual p oduc ion olume will be 20 housand ons
upon comple ion, and he p edic ed expo a e will each 20% o i s p oduc ion capaci y.
Adm. Sci. 2025,15, 84 4 o 17
Sinio a Pales ine comes om a uniquely con lic - o n e i o y. S a , acili ies, and
supply chain sa e y canno be aken o g an ed. Selling p oduc s in ola ile ma ke s
p esen s unique challenges and conside a ions. Con lic si ua ions can be unp edic able,
and one may need o adjus ma ke ing s a egies, ope a ions, and p oduc s. Expo ing
p oduc s om such coun ies in ol es na iga ing complex challenges bu can also p esen
economic de elopmen and s abiliza ion oppo uni ies. Fi s ly, one has o assess he in as-
uc u e and logis ical challenges in con lic -a ec ed a eas. This includes anspo a ion
ne wo ks, po s, cus oms p ocedu es, and wa ehousing acili ies. Secondly, one has o
e alua e sanc ions and ade es ic ions ha may apply o he speci ic coun y. Addi ion-
ally, one has o explo e oppo uni ies o le e age ade ag eemen s o p e e en ial ade
a angemen s ha may acili a e ma ke access. I is impo an o no e ha he poli ical and
e i o ial con ex in Eas Je usalem, including he ongoing poli ical con lic and he lack o
meaning ul so e eign y, impac s i s abili y o nego ia e and implemen ade ag eemen s
independen ly. As a esul , ade ela ions a e o en subjec o complex poli ical dynamics
and ex e nal cons ain s.
In addi ion o i s inancial objec i es, Sinio a aims o achie e non- inancial objec i es
by enhancing i s image and con ibu ing o socie y a la ge; acco dingly, Sinio a ac i ely
engages in Co po a e Social Responsibili y (CSR) ini ia i es. The company has imple-
men ed a comp ehensi e en i onmen al policy ocusing on educing indus ial pollu an s,
managing was e e ec i ely, and minimizing ene gy and wa e consump ion. Addi ionally,
Sinio a is a golden sponso o he King Hussein Cance Founda ion, con ibu ing o cance
ca e, esea ch, and awa eness in Jo dan and he Middle Eas . The company also suppo s
a ious cha i able ac i i ies, including dona ions o child en’s homes and you h educa ion
p og ams in Jo dan
3. Indus y O e iew
In gene al, he ela ionship be ween Pales ine and he A ab wo ld is cha ac e ized
by his o ical solida i y, diploma ic engagemen , and sha ed eligious and cul u al ies.
While economic ela ions be ween A abian coun ies (e.g., UAE, Oman, Saudi A abia,
e c.) and Pales ine may no be as ex ensi e as be ween some Wes e n coun ies, he e a e
oppo uni ies o economic coope a ion and in es men , pa icula ly in he ood sec o .
Howe e , expo ing mea p oduc s om Pales ine o, o example, Saudi A abia in ol ed
na iga ing a ious logis ical, egula o y, and cul u al conside a ions, such as compliance
wi h legal equi emen s, including Halal ce i ica ion. In addi ion, one has o modi y
p oduc packaging, labeling, and ing edien s o align wi h local as es.
The Middle Eas Edible Mea Ma ke was highly agmen ed, wi h he i e op com-
panies con olling only 5.28%. The mos dominan supplie s we e BRF S.A., Sinio a Food
Indus ies Company, Sunbulah G oup, Tanmiah Food Company, and The Sa ola G oup
(so ed alphabe ically) (GlobalDa a plc,2023) (see Table 3).
Table 3. Dominan playe s in he Middle Eas : sou ce: h ps://www.mo do in elligence.com/
indus y- epo s/middle-eas -edible-mea -ma ke (accessed on 10 Sep embe 2024).
Company Ci y Coun y
Al Ain Fa ms Al Ain Uni ed A ab Emi a es (UAE)
BRF S. A Dammam Saudi A abia
Sinio a Food Indus ies Company Je usalem, Amman, Dubai, Jeddah Pales ine, Jo dan, Uni ed A ab
Emi a es (UAE), Saudi A abia
Tanmiah Food Company Riyadh Saudi A abia
The Sa ola G oup Jeddah Saudi A abia
Adm. Sci. 2025,15, 84 5 o 17
O he signi ican playe s included Al Ain Fa ms, Al Islami Foods, Ame icana G oup,
Golden Ga e Mea Company, JBS SA, Najma Taiba Foods u LLC, and Qa a Mea P o-
duc ion Company. The size o he Middle Eas ma ke o edible mea was USD 30 billion
in 2024.
Saudi A abia was he highes consume o edible mea , wi h a sha e o 20.42%, by
alue, o he Middle Eas e n edible mea ma ke . The coun y was inc easing i s mea
p oduc ion acili ies o gain sel -su iciency in mea p oduc ion. Fo ins ance, Saudi A abia
planned o in es USD 5 billion o boos poul y p oduc ion, as he Kingdom aimed o
achie e a poul y mea sel -su iciency a e o 80% by 2025. Oman was he second- as es -
g owing edible mea ma ke in he Middle Eas . I was expec ed o egis e a compound
annual g ow h a e o 3.24% by alue du ing he 2020s. Oman In es men Au ho i y
suppo ed a ious edible mea p ojec s in he coun y o inc ease i s sel -su iciency and
expand he ma ke . These p ojec s a eached mea sel -su iciency o 46% in 2021 om 37%
eco ded in he p e ious yea s (Pales inian Cen al Bu eau o S a is ics (PCBS),2020).
4. Compe i i e Pe o mance
Sinio a’s subsidia y in Pales ine, like any o he p o i -o ien ed company based in a
con lic - o n coun y, was acing se e e challenges, and his case demons a es how i had
succeeded in o e coming hem. They held a unique posi ion as a s andou among he ew
p ominen co po a ions ope a ing in Pales ine. The p opo ion o signi ican en e p ises in
he coun y wi h a wo k o ce exceeding 20 indi iduals was a me e 2.9% (Pales ine News &
In o ma ion Agency,2023). Addi ionally, Pales ine-based companies had a compa a i ely
low p esence in in e na ional ma ke s. Only a ew had o e come he mul iple ba ie s
placed upon hem. Gene ally, hey aded in some domes ic expo p oduc s such as oli es
o da es. Wi h i s 1786 employees, he company was a es amen o i s unique jou ney
and success.
Sinio a’s p oduc ion includes o e 100 di e si ied p oduc s, including cold cu s,
canned luncheons, and ozen mea (Sinio a,2024), and i s ca alog con ains mo e han
1220 SKUs (Canadean Repo s,2024). They held he la ges p epa ed mea ma ke sha e in
he Jo danian and Pales inian ma ke s. They aimed o a ain a dominan posi ion in egional
ma ke s, pa icula ly in he Gul , as one o he egion’s leading indus ial companies in he
ood indus y sec o (PR Newswi e,2021). Unde he b and name SINIORA, he company
ope a es h ough i s dis ibu o s in Sy ia, Lebanon, Saudi A abia, he Uni ed A ab Emi a es,
Kuwai , Qa a , Oman, Yemen, Bah ain, and Jo dan. Howe e , Sinio a’s ne income did no
keep up wi h he s ong e enue g ow h o e he yea s (see Figu e 2).
Adm. Sci. 2025, 15, x FOR PEER REVIEW 6 o 18
Figu e 2. Re enue and ne income.
5. Financials
By he yea 2023, p o i s we e ending downwa d. A high yea was 2020, wi h inan-
cial s a emen s showing ha he Sinio a g oup o companies achie ed ne a e - ax p o i s
o JD 7.1 million (USD 10 million), an inc ease o 16% compa ed o hose in 2019. Thei ne
p o i s we e a solid 10% o he second yea unning. The upwa d ajec o y in sales and
p o i abili y was an encou aging de elopmen .
To al e enues in 2020 inc eased by 11% compa ed o he p e ious yea , eaching JD
71 million (USD 100 million). The company’s asse s amoun ed o JD 68.8 million (USD 97
million) on 31 Decembe 2020, an inc ease o 3% compa ed o hose in he p e ious yea ,
while he ne equi y o Sinio a’s sha eholde s amoun ed o JD 41 million (USD 57.7 mil-
lion) on 31 Decembe 2020, egis e ing an inc ease o 12% o e hose in 2019 (GlobalDa a
plc, 2023).
Un o una ely, he ne p o i abili y s a ed d opping in 2021. By 2022, sales had
g own o JD 134 million, bu ne p o i abili y was a ela i ely meage 5 million (Wall S ee
Jou nal, 2024). (see Exhibi s 5, 6, and 7). Then, he si ua ion became mo e conce ning. In
2023, Sinio a sales we e JD 149 million (Yamakawa e al., 2008). Re enue had inc eased by
27% ha yea . Howe e , ma ke p essu es made ne income decline by 3.3% o JD 4.63
million. Ope a ing ma gins we e alling, and ne p o i ma gin was becoming pape - hin
(see Figu e 3 and Table 4.)
Figu e 2. Re enue and ne income.
Adm. Sci. 2025,15, 84 6 o 17
5. Financials
By he yea 2023, p o i s we e ending downwa d. A high yea was 2020, wi h
inancial s a emen s showing ha he Sinio a g oup o companies achie ed ne a e - ax
p o i s o JD 7.1 million (USD 10 million), an inc ease o 16% compa ed o hose in 2019.
Thei ne p o i s we e a solid 10% o he second yea unning. The upwa d ajec o y in
sales and p o i abili y was an encou aging de elopmen .
To al e enues in 2020 inc eased by 11% compa ed o he p e ious yea , eaching JD
71 million (USD 100 million). The company’s asse s amoun ed o JD 68.8 million (USD
97 million) on 31 Decembe 2020, an inc ease o 3% compa ed o hose in he p e ious
yea , while he ne equi y o Sinio a’s sha eholde s amoun ed o JD 41 million (USD
57.7 million) on 31 Decembe 2020, egis e ing an inc ease o 12% o e hose in 2019
(GlobalDa a plc,2023).
Un o una ely, he ne p o i abili y s a ed d opping in 2021. By 2022, sales had g own
o JD 134 million, bu ne p o i abili y was a ela i ely meage 5 million (Wall S ee Jou nal,
2024). (see Exhibi s 5, 6, and 7). Then, he si ua ion became mo e conce ning. In 2023,
Sinio a sales we e JD 149 million (Yamakawa e al.,2008). Re enue had inc eased by 27%
ha yea . Howe e , ma ke p essu es made ne income decline by 3.3% o JD 4.63 million.
Ope a ing ma gins we e alling, and ne p o i ma gin was becoming pape - hin (see
Figu e 3and Table 4.)
Table 4. Sinio a Financial a ios; sou ce: Global Da a 2023: h ps://p oxy-iup.klnpa.o g/login?u l=
h ps://www.p oques .com/ epo s/sinio a- ood-indus ies-plc-sn a/doc iew/2822181730/se-2
(accessed on 1 Oc obe 2024).
Key Ra ios
Uni /Cu ency
Dec-2021 Ma -2022 Jun-2022 Sep-2022 Dec-2022
In e im EPS (Ea nings
pe Sha e) JOD 0.06 0.08 0.06 0.04 0.01
Di idend pe Sha e JOD 0.17 0.15
Book Value pe Sha e JOD 1.25 1.32 1.35 1.37 1.4
G oss Ma gin % 26.08 31.67 27.07 27.49 25.31
Ope a ing Ma gin % 8.19 10.18 7.16 7.75 6.48
Ne P o i Ma gin % 6.01 7.29 3.71 3.45 0.43
P o i Ma kup % 35.28 46.34 37.12 37.92 33.89
PBIT Ma gin (P o i Be o e
In e es & Tax) % 4.48 2.49 12.84
PBT Ma gin (P o i Be o e Tax)
% 6.74 8.1 4.63 3.15 0.84
Ope a ing Cos s (% o Sales) % 91.81 89.82 92.84 92.25 93.52
Adminis a ion Cos s (%
o Sales) % 19.57 19.81 18.65 19.27 19.24
In e es Cos s (% o Sales) % 3.28 3.14 2.18
Cu en Ra io Absolu e 1.26 1.25 1.12 1.21 1.14
Quick Ra io Absolu e 0.8 0.8 0.65 0.73 0.69
Deb o Equi y Ra io % 1.23 1.32 1.6 1.61 1.47
Ne Deb o Equi y Absolu e 1.14 1.2 1.52 1.48 1.4
Deb o Capi al Ra io % 0.64 0.7 0.82 0.79 0.74
In e es Co e age Ra io Absolu e 136.54 79.11 588.57
Adm. Sci. 2025,15, 84 7 o 17
Adm. Sci. 2025, 15, x FOR PEER REVIEW 7 o 18
Figu e 3. Financial a ios— a io cha s, Sinio a Food Indus y, PLC; sou ce: Global Da a 2023:
h ps://p oxy-iup.klnpa.o g/login?u l=h ps://www.p oques .com/ epo s/sinio a- ood-indus ies-
plc-sn a/doc iew/2822181730/se-2.(accessed on 1 Oc obe 2024).
Table 4. Sinio a Financial a ios; sou ce: Global Da a 2023: h ps://p oxy-
iup.klnpa.o g/login?u l=h ps://www.p oques .com/ epo s/sinio a- ood-indus ies-plc-
sn a/doc iew/2822181730/se-2.(accessed on 1 Oc obe 2024).
Key Ra ios Uni /Cu ency Dec-
2021
Ma -
2022
Jun-
2022
Sep-
2022
Dec-
2022
In e im EPS (Ea nings pe Sha e) JOD 0.06 0.08 0.06 0.04 0.01
Di idend pe Sha e JOD 0.17 0.15
Book Value pe Sha e JOD 1.25 1.32 1.35 1.37 1.4
G oss Ma gin % 26.08 31.67 27.07 27.49 25.31
Ope a ing Ma gin % 8.19 10.18 7.16 7.75 6.48
Ne P o i Ma gin % 6.01 7.29 3.71 3.45 0.43
P o i Ma kup % 35.28 46.34 37.12 37.92 33.89
Figu e 3. Financial a ios— a io cha s, Sinio a Food Indus y, PLC; sou ce: Global Da a
2023: h ps://p oxy-iup.klnpa.o g/login?u l=h ps://www.p oques .com/ epo s/sinio a- ood
-indus ies-plc-sn a/doc iew/2822181730/se-2 (accessed on 1 Oc obe 2024).
Sinio a con inued wi h 29% o i s sha es ( he majo i y owne ship) in he hands o
APIC, and on 10 Ma ch 2024, i sough addi ional deb -based inancing, eleasing loan
bonds wi h a o al nominal alue o USD 80 million on a i e-yea ma u i y. As s a ed in
he p ess elease, his will enhance hei wo king cash o acili a e s a egic expansion.
6. Sinio a Quali y Commi men
Sinio a belie es ha i s bes asse is he quali y p oduc . The company employs highly
quali ied and expe ienced manpowe in he ood indus y; i also owns a ully equipped
quali y con ol depa men and labo a o y. The p oduc ion lines ha e been p o ided wi h
he la es echnologies o comply wi h he bes ood sa e y c i e ia. The quali y con ol
depa men is dedica ed o moni o ing and ollowing up on all he ac o y ope a ions and
o exe ing he ul ima e e o s o gua an ee he bes p oduc deli e y, while also ensu ing
he selec ed supplie s a e pe ec ly commi ed o local and in e na ional s anda ds. The
company has also ounded he esea ch and de elopmen cen e , which inc eases scien i ic
Adm. Sci. 2025,15, 84 8 o 17
esea ch and cons an ly ollows up on he scien i ic app oach and secu ely implemen s i o
de elop he p oduc s and inno a e e en mo e a ie ies.
Sinio a Food Indus ies (Jo dan and Pales ine ac o ies) p ides i sel on ea ning in e na-
ional quali y ce i ica es. Also, he ac o ies egula ly ecycle wa e in addi ion o ano he
en i onmen ally iendly policy ha was se up by he US Food and D ug Adminis a ion
and he Eu opean Economic Communi y.
Such p izes and awa ds include he ollowing:
-
FSSC22000: A ood sa e y managemen ce i ica ion which enables manu ac u e s o
ocus hei ood sa e y e o s on scien i ic and echnical ad ances, and o dedica e
hei audi esou ces on con inuous imp o emen (Founda ion FSSC,2024).
-
ISO 9001: This is he in e na ional s anda d ha speci ies equi emen s o a qual-
i y managemen sys em (QMS). O ganiza ions use his s anda d o demons a e he
abili y o consis en ly p o ide p oduc s and se ices ha mee cus ome and egula-
o y equi emen s.
-
ISO 22000: This enables o ganiza ions o pu in place a ood sa e y managemen sys em
ha helps hem imp o e hei o e all pe o mance when i comes o ood sa e y.
-
All his ecogni ion alls wi hin an in eg a ed s a egy ha Sinio a ollows o apply
he bes in e na ional p ac ices in he ood and mea indus y, including holding he
Inclusi e Managemen Sys em o mee all cus ome s’ needs wi h he bes - us ed
p oduc chain.
7. Expo Challenges in he Pales enain Con ex
Compa ed o de eloped ma ke s, companies in he Middle Eas o en need mo e
inancial, manage ial, and echnological esou ces o ope a e and expo success ully. In-
deed, Middle Eas e n economies di e om Wes e n economies in many aspec s. These
include less s able and e icien ma ke s owing o lowe anspa ency, mo e in o ma ion
asymme ies, and highe isks and unce ain y (PalT ade Pales ine T ade Cen e ,2014).
Yamakawa e al. (2008) s a ed ha in e na ionaliza ion esul s om a dynamic in e play
be ween o ganiza ions and ins i u ions (Ma ano e al.,2016).
Cons ain s a ec ing ansac ion cos s and expo compe i i eness in Pales ine include
he egula o y en i onmen , adminis a i e p ocedu es and documen a ion, in as uc u e
bo lenecks, ce i ica ion ees, in e ne connec i i y, and suppo se ices. Fu he mo e,
he manu ac u ing sec o aces obs acles o expansion, including subs anda d p oduc i e
acili ies, limi ed wa e and elec ici y supply, high shipping cos s, and uns able poli ical
condi ions. PalT ade Pales ine T ade Cen e (2014) s a ed ha he p ocessed mea indus y
p ima ily depends on six speci ic ca ego ies o inpu s:
1.
Raw mea e e s o bee , poul y, and ish bough om domes ic sou ces and impo s;
2. Addi i es e e o sal , spices, cu ing, and binding agen s;
3. U ili ies e e o he p o ision o wa e and elec ici y;
4.
Packaging is necessa y o main aining p oduc quali y, ex ending shel li e, and
acili a ing ma ke ing e o s;
5.
A skilled wo k o ce is equi ed ha is capable o p oduc design, equipmen ope a ion
and main enance, quali y assu ance, packaging, ma ke ing, and managemen ;
6.
Machine y is needed, including ools and equipmen such as saws, slice s, g inde s,
scales, mixe s, injec o s, sausage s u e s, acuum seale s, and anspo a ion
equipmen
;
Mo eo e , PalT ade Pales ine T ade Cen e (2014) s a ed ha he mea sec o encoun-
e s signi ican obs acles, including he ollowing:
1.
Supply-side conce ns which a ec he abili y o p oduce goods and se ices. These
issues include di icul ies inding people wi h he igh skills and compe encies,
Adm. Sci. 2025,15, 84 15 o 17
Sinio a Food Indus ies announced he dona ion o 100 ons o i s p oduc s o Gaza.
W i en on aid packages in A abic is he ollowing: “In suppo o he esilience o ou
people in Gaza”.
Following he 2023 ea hquake in Sy ia, Sinio a gene ously ga e a consignmen o
ood packages o assis he a lic ed amilies. This con ibu ion aimed o help he egion’s
humani a ian assis ance e o s and p o ide much-needed elie o he impac ed popula-
ions. Addi ionally, du ing he COVID-19 pandemic in 2020, he i m sen ood packages o
230 households in Je usalem. Sinio a’s p o en ack eco d o CSR assu ed ha hey we e
ully p epa ed o be a good co po a e ci izen in any ma ke hey ca ed o en e .
13. Way Fo wa d
Sinio a has had a his o y o ac i ely seeking o expand i s ma ke s and p oduc s and
se e i s s akeholde s. M . Al-Sh ai is a success ul leade . Is ou ecommenda ion ha he
seek new p oduc s and ma ke s, a emp o main ain he s a us quo, o e ea owa d he
company’s o igins? Does he need o be bold, c ea i e, isky, o ca e ul? I he hinks ou side
he box, new oppo uni ies migh come o h. Wha s a egies migh he pu sue ha i hei
business model and b ands?
Au ho Con ibu ions: S.M.S., he i s au ho , was esponsible o composing he case, ga he ing da a
om he company, secu ing he company’s app o al, w i ing and edi ing he e isions, p oo eading,
w i ing, and p oducing he eaching no es. F.R.B., he second au ho , helped compose he inancial
sec ion o he case, o e ed o e sigh , and ob ained unding. All au ho s ha e ead and ag eed o he
published e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : No applicable. The ocus o his s udy on assessing publicly
accessible co po a e da a and non-sensi i e business in o ma ion ob ained wi h he explici consen
o he company’s managemen esul ed in he wai e o e hical e iew and app o al. The company
app o al was sen wi h he o iginal manusc ip ).
In o med Consen S a emen : No applicable. Da a was ob ained om Sinio a Food Indus ies
wi h he explici app o al o he company’s managemen , who g an ed access o he equisi e
in o ma ion and documen a ion o case de elopmen . Consequen ly, his esea ch did no include
human subjec s.
Da a A ailabili y S a emen : Con iden iali y ag eemen s wi h Sinio a Food Indus ies pe mi he
acquisi ion o da a unde pinning he esul s o his case s udy s aigh om he company. The
Re e ences sec ion o his documen enume a es o he da a sou ces, including publicly accessible
indus y pape s and ma ke s a is ics.
Con lic s o In e es : The au ho s decla e no con lic o in e es .
Re e ences
Asia News Moni o . (2018). Uni ed S a es: Sinio a ood indus ies dis ibu es USD 7.3 million in p o i s o i s sha eholde s. A ailable
online: h ps://p oxy-iup.klnpa.o g/login?u l=h ps://www.p oques .com/newspape s/uni ed-s a es-sinio a- ood-indus ies
-dis ibu es/doc iew/2029036552/se-2 (accessed on 24 Ap il 2018).
Ba i´c, A. (2017). Co po a e social esponsibili y and s akeholde s: Re iew o he las decade (2006–2015). Business Sys ems Resea ch:
In e na ional Jou nal o he Socie y o Ad ancing Inno a ion and Resea ch in Economy,8(1), 133–146. [C ossRe ]
Belhadi, A., Kamble, S. S., Venka esh, M., Jabbou , C. J. C., & Benkha i, I. (2022). Building supply chain esilience and e iciency
h ough addi i e manu ac u ing: An ambidex ous pe spec i e on he dynamic capabili y iew. In e na ional Jou nal o P oduc ion
Economics,249, 108516. [C ossRe ]
Bha acha ya, C. B., Sen, S., & Ko schun, D. (2011). Le e aging co po a e esponsibili y: The s akeholde ou e o maximizing business and
social alue. Camb idge Uni e si y P ess.
Adm. Sci. 2025,15, 84 16 o 17
Canadean Repo s. (2024). Sinio a ood indus ies plc—Company capsule (2014). GlobalDa a plc. A ailable online: h ps://
p oxy-iup.klnpa.o g/login?u l=h ps://www.p oques .com/ epo s/sinio a- ood-indus ies-plc-company-capsule/doc iew/
1552791095/se-2 (accessed on 1 No embe 2024).
Ca oll, A. B. (1979). A h ee-dimensional concep ual model o co po a e pe o mance. Academy o Managemen Re iew,4(4), 497–505.
[C ossRe ]
Duchek, S. (2020). O ganiza ional esilience: A capabili y-based concep ualiza ion. Business Resea ch,13(1), 215–246. [C ossRe ]
Dunning, J. H., & Lundan, S. M. (2008). Ins i u ions and he OLI pa adigm o he mul ina ional en e p ise. Asia Paci ic Jou nal o
Managemen ,25, 573–593. [C ossRe ]
Fluen Ca go. (2024). Uni ed A ab Emi a es o Indonesia. A ailable online: h ps://www. luen ca go.com/ ou es/uni ed-a ab-emi a es/
indonesia (accessed on 15 Sep embe 2024).
Founda ion FSSC. (2024). FSSC 22000—Food sa e y managemen sys em ce i ica ion. A ailable online: h ps://www. ssc.com (accessed
on 3 No embe 2024).
GlobalDa a plc. (2023). Fo ecas ing middle eas ’s edible mea sec o : 2028 ou look. Sinio a Food Indus ies plc (SNRA); GlobalDa a plc.
A ailable online: h ps://p oxy-iup.klnpa.o g/login?u l=h ps://www.p oques .com/ epo s/sinio a- ood-indus ies-plc-sn a/
doc iew/2822181730/se-2 (accessed on 1 Oc obe 2024).
Gu, M., Yang, L., & Huo, B. (2021). The impac o in o ma ion echnology usage on supply chain esilience and pe o mance: An
ambidex e ous iew. In e na ional Jou nal o P oduc ion Economics,232, 107956. [C ossRe ] [PubMed]
Ha ey, S. (2021). Sinio a Food Indus ies akes a majo i y s ake in Tu kish pee T akya ET. In A oq—Jus - ood.com (global news). N.PAG.
A ailable online: h ps://sea ch-ebscohos -com.p oxy-iup.klnpa.o g/login.aspx?di ec = ue&db=b h&AN=149668363&si e=
ehos -li e (accessed on 21 Ma ch 2024).
Hill, C. W. L., & Hul , G. T. M. (2023). In e na ional business: Compe ing in he global ma ke place (14 h ed.). McG aw-Hill Educa ion.
Johanson, J., & Vahlne, J.-E. (2009). The Uppsala in e na ionaliza ion p ocess model e isi ed: F om liabili y o o eignness o liabili y
o ou side s. Jou nal o In e na ional Business S udies,40(9), 1411–1431. [C ossRe ]
Keegan, S., Reis, K., Roiko, A., & Desha, C. (2024). Explo ing esilience concep s and s a egies wi hin egional ood sys ems: A
sys ema ic li e a u e e iew. Food Secu i y,16(3), 801–825. [C ossRe ]
Kob in, S. J. (2022). Managing poli ical isk assessmen : S a egic esponse o en i onmen al change. Uni e si y o Cali o nia P ess.
Lu, J. W., Ma, H., & Xie, X. (2022). Fo eignness esea ch in in e na ional business: Majo s eams and u u e di ec ions. Jou nal o
In e na ional Business S udies,53(3), 449–480. [C ossRe ]
Ma ano, V., A egle, J. L., Hi , M. A., Spada o a, E., & an Essen, M. (2016). Home coun y ins i u ions and he in e na ionaliza ion-
pe o mance ela ionship: A me a-analy ic e iew. Jou nal o Managemen ,42(5), 1075–1110. [C ossRe ]
Ma ch, J. G., & Simon, H. A. (1958). O ganiza ions. John Wiley & Sons.
Ma ke wide Resea ch. (2024). Middle eas and A ica p ocessed mea ma ke . A ailable online: h ps://ma kwide esea ch.com/
middle-eas -and-a ica-p ocessed-mea -ma ke (accessed on 1 Sep embe 2024).
Mo do In elligence. (2023a). Asia-paci ic halal ood and be e age ma ke size & sha e analysis—G ow h ends & Fo ecas s (2024–2029). A ail-
able online: h ps://www.mo do in elligence.com/indus y- epo s/asia-paci ic-halal- ood-and-be e ages-ma ke (accessed on
20 Sep embe 2024).
Mo do In elligence. (2023b). Middle eas edible mea ma ke size & sha e analysis—g ow h ends. A ailable online: h ps://www
.mo do in elligence.com/indus y- epo s/middle-eas -edible-mea -ma ke (accessed on 10 Sep embe 2024).
Pales ine News & In o ma ion Agency. (2023). Sinio a ood Indus ies es ablished a new ac o y o cold cu s and ozen mea in Saudi
A abia. A ailable online: h ps://www.p oques .com/newspape s/sinio a- ood-indus ies-company-es ablish-new/doc iew/
2779259169/se-2 (accessed on 23 Feb ua y 2023).
Pales inian Cen al Bu eau o S a is ics (PCBS). (2020). A ailable online: h ps://www.pcbs.go .ps/ (accessed on 1 Augus 2024).
PalT ade Pales ine T ade Cen e . (2014). The s a e o pales ine na ional expo s a egy 2014–2018. In e na ional T ade Cen e . A ailable
online: h ps://pal ade.o g/uploads/16080477701846317454.pd (accessed on 15 July 2024).
Peng, L., Li, Y., an Essen, M., & Peng, M. W. (2020). Ins i u ions, esou ces, and s a egic o ien a ions: A me a-analysis. Asia Paci ic
Jou nal o Managemen ,37(2), 499–529. [C ossRe ]
Pew Resea ch Cen e . (2024). Demog aphic po ai o muslim Ame icans. A ailable online: h ps://www.pew esea ch.o g/ eligion/
2017/07/26/demog aphic-po ai -o -muslim-ame icans/ (accessed on 30 Augus 2024).
Po e , M. E., & Ad an age, C. (1985). C ea ing and sus aining supe io pe o mance. Compe i i e ad an age,167, 167–206.
PR Newswi e. (2021, Feb ua y 17). Sinio a ood indus ies company achie es a ne p o i . A ailable online: h ps://www.p newswi e.com/
news- eleases/sinio a- ood-indus ies-company-achie es-a-ne -p o i -o -jd-7-1-million-usd-10-million-in-2020--a-g ow h-o -16
-yea -on-yea -301229019.h ml (accessed on 20 Augus 2024).
Richa dson, B. J., & Sjå jell, B. (2015). Capi alism, he sus ainabili y c isis, and he limi a ions o cu en business go e nance. A ailable online:
h ps://pape s.ss n.com/sol3/pape s.c m?abs ac _id=2646439 (accessed on 1 Sep embe 2024).
Adm. Sci. 2025,15, 84 17 o 17
Schwa z, M. S., & Saiia, D. (2012). Should i ms go “beyond p o i s”? Mil on F iedman e sus b oad CSR. Business and Socie y Re iew,
117(1), 1–31. [C ossRe ]
Sil a, S. C. E., Dua e, P., Ma inho, A. F. L., & Vlaˇci´c, B. (2021). How pe meable o cause- ela ed ma ke ing a e millennials? In e na ional
Re iew on Public and Nonp o i Ma ke ing,18(3), 335–360. [C ossRe ]
Sinio a. (2024). Company websi e. A ailable online: h ps://sinio a ood.com/ (accessed on 20 Ma ch 2024).
Sinio a Food Indus ies Company—Saudi A abia. (2023). Signs a s a egic ag eemen wi h he saudi au ho i y. A ailable on-
line: h ps://www.mea andpoul yonline.com/doc/sinio a- ood-indus ies-company- echnology-zones-modon- o-es ablish
-a-new-sinio a- ac o y- o -cold-cu s-and-0001 (accessed on 22 Feb ua y 2023).
WAFA. (2024). WAFA news agency. A ailable online: h ps://english.wa a.ps/Pages/De ails/140737 (accessed on 10 Ma ch 2024).
Wall S ee Jou nal. (2024). SNRA company p o ile. A ailable online: h ps://www.wsj.com/ma ke -da a/quo es/JO/XAMM/SNRA/
company-people (accessed on 23 July 2024).
Xu, D., & Meye , K. E. (2013). Linking heo y and con ex : ‘S a egy esea ch in eme ging economies’ a e W igh e al. (2005). Jou nal
o Managemen S udies,50(7), 1322–1346. [C ossRe ]
Yamakawa, Y., Peng, M. W., & Deeds, D. L. (2008). Wha d i es new en u es o in e na ionalize om eme ging o de eloped
economies? En ep eneu ship Theo y and P ac ice,32(1), 59–82. [C ossRe ]
Disclaime /Publishe ’s No e: The s a emen s, opinions and da a con ained in all publica ions a e solely hose o he indi idual
au ho (s) and con ibu o (s) and no o MDPI and/o he edi o (s). MDPI and/o he edi o (s) disclaim esponsibili y o any inju y o
people o p ope y esul ing om any ideas, me hods, ins uc ions o p oduc s e e ed o in he con en .
