Al Meera Consumer Goods Company has achieved a net profit of QR40.53mn on sales income of QR644.1mn in January-March this year.
The company’s gross profit increased more than 5% year-on-year to QR105.2mn in the review period.
The earnings-per-share amounted to QR2.03 in the first quarter of 2017 against QR2.47 in the comparable period of the previous year.
Shops rental income amounted to QR17.7mn and other earnings at QR8.8mn during the review period.
“Al Meera continues to achieve growth in sales and gross profit reflecting our board of directors’ clear vision, sound policies, and strategic decisions. 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,” according to Sheikh Thani bin Thamer al-Thani, Al Meera chairman.
He said the first quarter of 2017 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.”
On its expansion strategy front, the first quarter of 2017 marked the launch of Umm Salal Ali shopping centre, one of the previously announced five out of 14-store expansion phase.
Built on a land area of 4,014 square meter, and featuring a 1750 square meter 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 shops, a small food court, a dedicated parking space and other facilities that further augment visitors’ experience at the shopping center.
It was followed by the opening of Al Meera’s latest store in Al Wakrah (East), bringing its shopping experience 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.
Currently, Al Meera has seven branches under construction, of which five are expected to open during this year.