Al Meera Consumer Goods Company has posted a net profit of QR162.1mn in 2015 with a “record-breaking” performance in its retail sales and leasing segments.
The company’s Board of Directors has recommended distribution of a cash dividend of QR9 per share, which is equivalent to 90% of the nominal share value.
Sharing the company’s Key Performance Indicators (KPIs) with stakeholders, Al Meera deputy chief executive officer Dr Mohamed Nasser al-Qahtani said, “In 2015, Al Meera’s retail sales (core business) amounted to a record-breaking QR2.45bn, a 12.5% jump over 2014, with the segment’s net profit growing by 33.3% during the same period, reaching QR149.3mn compared to QR112mn in 2014.”
The company’s QR44.5mn leasing segment net profit also shows a 20.6% increase over the previous year’s QR36.9mn.
Al Meera’s latest financial results came at a time when its expansion plans continued to cover all areas of Qatar. The retail major opened some 10 “brand new” branches across the country in 2015.
Since adopting “Your Favourite Neighbourhood Retailer” slogan, the company said it has also been working at full capacity to realise it.
In line with this, Al Meera has started renovating its existing branches with a “new modern design”, while putting the interests of the local community and its shareholders first and foremost.
In this context, al-Qahtani said, “2015 was the year of celebrating the 10th anniversary of the company’s founding, following which Al Meera has managed to strengthen its position as one of the main pillars of the national economy. Al Meera’s status and leadership have been translated into a slew of awards and certificates that it reaped in 2015; a year that, in this regard, can be described as the year of harvest”.
He said, “The application of the company’s ‘Your Favourite Neighbourhood Retailer’ slogan required renovation, development, and expansion plans that resulted in the operation of nine new shopping centres in different regions across the country. This is in addition to Al Meera’s Gulf Mall branch, which is entering the operation phase.
“The company is also working to add 14 new shopping centres in the coming period. We here refer to the progress made in execution works in relation to five that are due to be completed in 2016. 2016 will also see the opening of a shopping centre in Al Muzn Mall in Oman. With God’s blessing, we will continue our quest for excellence and our contribution in the achievement of the country’s economic growth and will be close to our customers wherever they may be”.
Al Meera said it “did not stop at that stage of expansion”.
Based on its “strategic vision” to serve all areas of Qatar, the company has signed a Memorandum of Understanding (MoU) with Lusail Real Estate Development Company for the operation and management of two shopping centres in Jabal Thuaileb and the District’s Northern residential villas.
Al Meera’s expansion works are carried out after “careful studies” that took into account Qatar’s urbanisation plan with a firm belief that it could play a key role in contributing to the real estate development of the country’s various regions.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
QP announces 10-year naphtha sale pact with Thailand’s SCG Chemicals
GWC earns QR59.5mn first quarter net profit
Sheraton Grand Doha appoints new GM
Banks shun Tereos attempt to secure wider funding
Primed for a rebound? US growth set to stabilise
RBI inflation goals need to be reviewed, says economist
Japan may delay sales tax hike planned for October
Rio Tinto warning may rupture mining industry into green and dirty
Investors bullish on China steel stocks as stimulus lifts demand