Qatar retailer Al Meera nets $177m sales in Q1

01/05/2017 07:23 AST

Qatar-based retail major Al Meera Consumer Goods Company said its sales soared to QR644.1 million ($177 million) in the first quarter compared to QR641 million ($176 million) for the same period last year.

Announcing its financial results for the three months ended March 31, Al Meera pointed out that its gross margin increased from QR99.7 million ($27.3 million) last year to QR105.2 million ($29 million), thus registering a growth of 5.5 per cent.

The earnings per share (EPS) amounted to QR2.03 in first quarter over last year's QR2.47, said the company in a statement.

"Al Meera continues to achieve growth in sales and gross profit reflecting our board of directors' clear vision, sound policies, and strategic decisions," remarked Sheikh Thani Bin Thamer Al Thani, Al Meera's chairman of the board of directors.

"The achieved growth over last year shows that Al Meera market strategy is in line with the current market conditions, and the company's expenses are kept in line with its expansion plan with the opening of four new community malls that aims to cater to all our customers' needs," stated Sheikh Thani.

"As a company that puts its customers, stakeholders and the community first, the success and growth we have achieved has inspired us to continue our faithful contribution to the community in which we operate. Which is why, the first quarter has witnessed a number of strategic and community development initiatives that have won the recognition of the industry and consumers alike, and we are looking forward to more fruitful results in the next quarter," he added.

On its first quarter achievements, Al Meera said the year marked the launch of Umm Salal Ali shopping centre, one of the previously announced 5 out of 14-store expansion phase. Built on a land area of 4014 sq m, and featuring a 1750 sq m supermarket, the store has been equipped to serve residents in the area with fresh sections that Al Meera customers enjoy shopping from, in addition to nine other shops, a small food court, a dedicated parking space and other facilities that further augment visitors' experience at the shopping center.

The milestone achievement was soon followed by the opening of Al Meera's latest store in Al Wakra (East), bringing its novel shopping experience, state-of-the-art technologies and facilities that have become synonymous with the retailer's community shopping centres, to one more of the country's regions that are witnessing significant urban development and a population boom in Qatar, in line with the Qatar National Vision 2030, said the company statement.

Currently, Al Meera has seven branches under construction, of which five are expected to open during 2017, it added.-

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