Al Meera records QR 102.4 mn net profit and 10.6% increase in sales for H1 2016

Al Meera Consumer Goods Company (QSC) recently disclosed its semi-annual financial statements for the period ended June 30, 2016, with net profit attributable to the owners of the company amounting to QR 102.4 million. 

Commenting on the company’s achievement, Al Meera stated that for the first half of the year, the company recorded gross profi­t of QR 215.4 million, representing an 8.0% increase, despite a drop in gross profi­t percentage from 16.3% (last period) to 16.0% (this period). Meanwhile, gross shops rental income increased by 50.1% from QR 23.3 million last year, to QR 34.9 million this year. Al Meera’s operating income also increased by 10.6% compared to the same period in 2015.

Al Meera's sales for the first half of this year grew 10.6%, from QR 1.22 billion to QR 1.35 billion, compared to 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. 

As of June 30, 2016, total equity stood at QR 1.33 billion on a capital base of QR 200 million, and earnings per share for the period was QR 5.12, a 1.5% increase from H1 2015. 

Since its inception in 2005, Al Meera has reflected the natural evolution of cooperative enterprises, which were established during the last thirty years to meet the different needs of the Qatari community. Throughout the company’s decade-long history, Al Meera 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 5 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 Wakra (West), Leaibab 2, and Um Salal Ali.

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.