Al Meera posts $27.8m H1 profit

14/08/2016 05:17 AST

Qatar-based Al Meera Consumer Goods Company (QSC) has reported a net profit attributable to shareholders of QR102.4 million ($27.82 million) for the first half of this year.

The company recorded a gross profi­t of QR215.4 million, representing an 8 per cent increase, despite a drop in gross profi­t percentage from 16.3 per cent (H1 2015) to 16 per cent, said a statement.

Meanwhile, gross shops rental income increased by 50.1 per cent from QR23.3 million in H1 2015 to QR34.9 million this year. Al Meera’s operating income also increased by 10.6 per cent compared to the same period in 2015.

Al Meera's sales for the first half of this year grew 10.6 per cent to QR1.35 billion from QR1.22 billion in the same period in 2015.

These financial results come as a result of Al Meera’s expansion plans to serve the diverse communities in Qatar and meet the needs of all citizens and residents with competitive prices, said the statement.

As of June 30, 2016, total equity stood at QR1.33 billion on a capital base of QR200 million, and earnings per share was QR5.12, a 1.5 per cent increase from H1 2015.

Al Meera also announced that it is in the final stages for opening five stores out of the 14 announced last year. The five stores are in Bu Sidra, North Sailiya (Al Miarad), Al Wakra (West), Leaibab 2, and Um Salal Ali.

Al Meera's new community malls are constructed in a modern and contemporary design. Each mall includes a supermarket, along with shops, restaurants and other stores, it said.

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