Al Meera Consumer Goods Company has made a first-quarter net profit of QR49.4mn, up 14.6% compared to QR43.1mn recorded on the same period in 2015.
Similarly, sales in the first quarter of 2016 grew by 13.7% to reach QR641.2mn compared to QR564.1mn over the same period last year, while earnings per share (EPS) amounted to QR2.47 against QR2.15. Shops rentals saw a 52.4% jump from QR11.5mn in 2015 to QR17.5mn in the first quarter of 2016.
Al Meera deputy CEO Dr Mohamed Nasser al-Qahtani said: “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, which is a clear indicator of the success of our expansion plan aimed at satisfying our customers’ demands.”
He added: “The financial results constitute more than just profits; it clearly shows further evidence of Al Meera’s reliability towards its consumers, which comes in line with our commitment to our shareholders, customers, and stakeholders.
“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 efforts to meet the aspirations of customers in getting high-quality consumer goods at competitive prices, Al Meera will be launching offers for the holy month of Ramadan this year by selling 1,437 consumer goods at cost price in honour of the Islamic Year 1437.
The offer will kick off within days and will continue until the end of Ramadan at all Al Meera branches across the country.
The retailer is currently following up plans to establish 14 new branches in various regions of the country, following the start of works at five shopping centres last year in North Sailiya (Al Miarad); Leabaib 2; Al Wakrah (West); Umm Salal Ali; and Bu Sidra, and 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 worth QR238,730,146.
Al Meera also signed a memorandum of understanding (MOU) for the operation and management of two shopping centres in Fox Hills North and North Residential Villas districts in Lusail City.
The 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 (80 sq m each), and a space at the Students Centre in Education City (150 sq m).
The company is also negotiating with the “Doha Institute for Graduate Studies” to operate a 150 sq m supermarket to serve its students.
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