Al Meera Consumer Goods Company’s (Al Meera) net profit for the first half of 2016 has reached QR102.4mn, while sales grew 10.6%, or QR1.35bn, during the same period, according to a company statement.
In the first six months of the year, Al Meera recorded gross profit of QR215.4mn, representing an 8.0% increase, despite a drop in gross profit percentage from 16.3% to 16.0%.
Al Meera said gross shops rental income jumped by 50.1% from QR23.3mn in 2015 to QR34.9mn this year, while operating income increased by 10.6% compared to the same period in 2015.
Sales in the first half of the year, according to Al Meera, grew 10.6%, or QR1.35bn, over the QR1.22bn it recorded during the same period in 2015.
“These financial results come as a result of Al Meera’s expansion plans to serve the diverse communities in the State of Qatar and meet the needs of all citizens and residents wherever they are, with competitive prices that take into account all segments of society,” the company said.
As of June 30, 2016, total equity stood at QR1.33bn on a capital base of QR200mn, and earnings per share for the period was QR5.12; a 1.5% increase from H1 2015.
Since its inception in 2005, Al Meera said it has reflected “the natural evolution of co-operative enterprises,” which were established over the last thirty years to meet the different needs of the Qatari community.
Throughout the company’s decade-long history, Al Meera said, it has remained committed to providing high-quality products and services to its customers at competitive prices “in a distinctive and ethical way.”
“Al Meera has proudly made progress in all areas, including developing an expansion strategy that matches with the Qatar National Vision 2030’s urban development plans. And today, Al Meera is pleased to announce that it is in the process of finishing the final stages for opening five stores out of the 14 announced last year, which are due to be open in the near future in Bu Sidra, North Sailiya (Al Miarad), Al Wakrah (West), Leaibab 2, and Um Salal Ali,” the company said.
It added: “Al Meera’s new community malls are constructed in a modern and contemporary design. Each mall includes a supermarket, along with shops, restaurants and other stores. The malls are also constructed in accordance with international standards and equipped with the latest interior designs and lighting systems that ensure a distinctive shopping experience.”