Robust operating earnings and substantially lower funding costs helped Al Meera Consumer Goods Company report a 52% surge in net profit to QR39.16mn in the first three months of this year.
Sales grew 15% to QR508.39mn while cost of sales also rose by a similar proportion to QR430mn, resulting in a 14% jump in gross profit to QR78.4mn, according to its financial statement.
Shops rentals expanded 13% to QR10.19mn and other income more than doubled to QR20.24mn, translating into a 26% growth in operating income to QR108.83mn.
Although general and administrative expenses shot up 26% to QR63.98mn, the company had reported a 95% plunge in finance cost to QR0.17mn.
Last year, Al Meera increased total retail space by 4,100sq m. In 2014, Al Meera has eight malls currently under construction and one store under fitout, with all expected to be completed later in 2014. The malls are located at Al Wakrah, Al Thumama, Al Wajba, Muaither, Al Azizia, Al Thakira, Muraikh, and Jeryan Nujaima, in addition to the rented store located in the Gulf Mall (1,750 sq m).
These new malls currently under construction are part of the company’s expansion plans during 2014 and 2015 to sufficiently serve all of Qatar’s communities.
Total assets were valued at QR1.74bn, comprising current assets of QR0.91bn and non-current assets of QR0.83bn.
Total equity stood at QR1.29bn on a capital base of QR200mn and earnings-per-share was QR1.96 at the end of March 31, 2014.