Al Meera ’16 profit tops QR199mn

Al Meera Consumer Good Company posted a net profit of QR199.2mn in 2016, up nearly 23% on 2015, it announced yesterday. The company saw its sales hit a record high of QR2.6bn in 2016, up 6.3%, or QR155.3mn, on the previous year. The group’s gross shop rental income recorded a substantial 37.6% jump reaching QR69.3mn last year compared to QR50.3mn in 2015.Earnings per share (EPS) equated to QR9.96 in 2016 compared to QR8.10 in 2015. At its meeting here recently, Al Meera’s board of directors recommended distribution of a cash dividend of QR9 per share, which is equivalent to 90% of the nominal share value, amounting to QR180mn for the shareholders. Al Meera said it continues to make tangible progress in its expansion plan, bringing the retail chain’s shopping experience to consumers in more neighbourhoods and regions across Qatar.Before the year-end, Al Meera opened two of the five stores – as part of their comprehensive store expansion plan – starting with the Bu Sidra branch in October, followed by North Sailiya (Al Miarad) in December, which together contributed QR7.5mn to the year’s total sales. The two new stores, which feature Al Meera’s “world-class” customer service, product display mechanisms, modern facilities and one-stop shop convenience, were followed by the opening of the Um Salal Ali branch, as well as the soft-opening of Al Wakrah (East) in February. The Leaibab 2 branch is expected to be launched this month. Moreover, the company renovated its branches in Rawdat Al Khail, Shamal, and Gharafat Al Rayyan, to “match Al Meera’s new identity and level of excellence.”Al Meera chairman Sheikh Thani bin Thamer bin Mohamed al-Thani said, “I thank HH the Emir Sheikh Tamim bin Hamad al-Thani for his guidance and leadership as well as HE the Prime Minister, Sheikh Abdullah bin Nasser bin Khalifa al-Thani, for his continuous support. Our gratitude is also extended to all the official authorities in the state and those providing support to Al Meera, primarily the Ministry of Economy and Commerce, and the Ministry of Municipality and Environment, in addition to Al Meera’s board members, executive management and staff members, for their great efforts and dedication that are key to Al Meera’s progress”.Al Meera saw “crossing of several milestones, continued growth, and solid” financial results in 2016. As part of the company’s current five-branch expansion phase, it also signed an agreement with contracting companies last year to build new stores across Qatar. In Oman, Al Meera opened a new store in Al Muzn Mall, in Al Hail. Featuring a 1,800m² supermarket, the new branch brought Al Meera Oman’s total retail space to nearly 25,800m² among its community malls in the sultanate, including the company’s three hypermarkets and a supermarket in Al Falaj.By end-2016, Al Meera’s network comprised as many as 47 branches with 42 in Qatar (endowed with a total retail space of approximately 68,000m², including its Géant Hypermarket at Hyatt Plaza) and five branches in Oman.  Al Meera signed a first-of-its-kind MoU with Qatar Development Bank last year, under which the company is playing a pivotal role in promoting Qatari products by providing entrepreneurs with an established platform for marketing their products and facilitating the integration of incubated SMEs into its supply chain.