Al Meera records 12.1% increase in sales
Al Meera Consumer Goods Company reported a 12.1% increase in sales from $442m (QAR1.6bn) to $484m (QAR1.8bn)
Al Meera Consumer Goods Company (QSC) revealed its third quarter financial statements for the nine month period ended September 30, 2015.
Year-on-year, sales for the same period grew 12.1%, to $484m (QAR1.8bn) from $442m (QAR1.6bn).
Deputy CEO Dr Mohammed Nasser Al Qahtani, said: “Profit from the retail segment surged 53.8% to QAR85.6mn, compared to QAR55.6mn for the corresponding period of 2014, and profit from the leasing segment rose 12.8%, from $8m (QAR29.2m) to $9m (QAR33m)."
He added: "Net profit from Investment Segment was down by 76.3% to $4.9m (QAR18.1m), compared to $20.9m (QAR76.2m) for the same period in 2014, due to adverse Qatar stock market conditions”.
The satisfactory financial outcome are the result of the company’s successful expansion plans to serve the needs of diverse communities, with competitive prices that take into account all segments of society.
The results also showed a net profit attributable to owners of the company amounting to $37m (QAR137m) for the nine month period ended September 30, 2015, down by $6.6m (QAR24.1m), compared to $44.2m (QAR161.1m) for the same period in 2014, due to decline in net profit from investment segment.
Earnings per share for the period were $1.88 (QAR 6.85), compared to $2.21 (QAR 8.05) for the same period last year.
Al Qahtani continued: “These results clearly demonstrate Al Meera’s ascending performance throughout the years. We are glad to maintain this growth with achieving an ambitious expansion plan involving 40 branches in the State of Qatar. Our aim is to not only increase our retail space, but also to broaden our product offerings to all our customers. This strategy prioritises the benefit of everyone in the country - shareholders and clienteles alike.”
With the intention to expand its outlets thourghout Qatar, Al Meera has begun construction on several other branches as part of its expansion strategy to construct 14 new shopping malls across the State, located in Sailiya North, Bu Sidra, Al Wakra 3, Umm Slal Ali, Leabaib 1, Leabaib 2, Rawdat Aba El-Heran, Azghawa, Al Khor, Um Qarn, Rawdat Al Hamama, Jeryan Jenaihat, Al Sailiya and Ain Khaled.