Al Meera records QR49.4m net profit in Q1

28/04/2016 07:39 AST

Al Meera Consumer Goods Company (Al Meera) has reported a net profit of QR49.4m for the first quarter (Q1) of the current financial year ended March 31, 2016, up 14.6 percent compared to QR43.1m for the same period in 2015.

The sales of Al Meera in Q1 2016 grew by 13.7 percent to reach QR641.2m compared to QR564.1m in the same period last year. The earnings per share (EPS) amounted to QR2.47 in Q1 2016 versus QR 2.15 for the same period of the previous year.

Shops rental income also increased during the quarter by 52.4 percent to QR17.5m from QR11.5m for the same period of 2015.

Dr Mohammed Nasser Al Qahtani, Deputy CEO of Al Meera, said: “The effective steps that have been carried out by Al Meera in all of its operations have contributed to increasing the company’s sales by 13.7 percent in the first quarter of 2016 when compared with the same period in 2015. This is a clear indicator of the success of our expansion plan which aims to satisfy and please our customers’ demands.”

He added: “For Al Meera, the financial results constitute more than just profits, as it clearly shows further evidence of the company’s reliability towards its consumers that comes in line with our commitment and promises to our shareholders, customers and stakeholders as we aim to transform Al Meera from a store to your preferred shopping destination where consumers can benefit from a ‘perfect shopping experience’, placing their satisfaction as our priority which proves our loyalty toward the community.”

As part of its efforts to meet the aspirations of customers in getting high-quality consumer goods at competitive prices, Al Meera will be launching offers for the holy month of Ramadan this year, by selling 1,437 consumer goods at cost price. The offers will take effect within days and will continue until the end of the holy month at all branches of Al Meera across the country.

Al Meera is currently working on its plan to establish 14 new branches in various parts of the country, as it has already started the works at five shopping centres last year in each of North Sailiya (Al Miarad), Leabaib 2, Al Wakra (West), Umm Salal Ali, and Bu Sidra, which are expected to be delivered within the next three months.

The company had recently awarded contracts to Al Khayarin Group Contracting and Trading and Al Muftah Contracting Company to build six new stores in the coming period with a total contract value of about QR238.73m.

Al Meera also signed a Memorandum of Understanding (MoU) for the operation and management of two shopping centers, in Fox Hills North and North Residential Villas districts in Lusail City.

Al Meera’s expansion plans also include the opening of new branches to serve students at Qatar Foundation for Education, Science and Community Development, where contracts were recently signed for the operation of two spaces at student housings (around 80 square metres each), and a space at the Students Center in Education City (approximately 150 square metres).

The company is also negotiating with the “Doha Institute For Graduate Studies”, to operate a supermarket which is 150 square metres to serve the Institute’s students.

The Peninsula