Al Meera Consumer Goods Company records a 13.7% rise in sales, 14.6% jump in net profits, with a QR 2.47 EPS in the first quarter of 2016
Doha-Qatar – 27 April 2016 (WQ) : Al Meera Consumer Goods Company (Q.S.C.) announced its financial results for the first quarter of 2016, ended 31st March 2016, recording a net profit of QR 49.4 million as compared to QR 43.1 million for the same period in 2015, bringing the rate of increase in profits to 14.6%.
Similarly, sales in the first quarter of 2016 grew by 13.7%, to reach QR 641.2 million by the end of the first quarter of 2016, compared to QR 564.1 million in the same period of 2015.
Meanwhile, the Earnings per Share (EPS) amounted to QR 2.47 in first quarter of 2016 versus QR 2.15 for the same period of the previous year.
Shops Rental Income also increased in the first quarter of 2016 by 52.4%, to QR 17.5 million from QR 11.5 million for the same period of 2015.
On this occasion, Dr. Mohammed Nasser Al Qahtani, Deputy CEO of Al Meera Consumer Goods Co, stated:
“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% 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 continued: “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 exceptional offers for the holy month of Ramadan this year, which is based on selling 1437 consumer goods at cost price, in honor of the Islamic Year 1437. The offer’s coming into effect will be kicked off within days and will continue until the end of the holy month at all of Al Meera branches in the country.
Al Meera is currently working on following up on its plan to establish 14 new branches in various regions of the country, as it has already started the works at five shopping centers 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 QR 238,730,146.
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 meters each), and a space at the Students Center in Education City (approximately 150 square meters).
The company is also negotiating with the “Doha Institute For Graduate Studies”, to operate a supermarket which is 150 square meters to serve the Institute’s students.