Al Meera records $28.1m net profit in H1 2016
Al Meera's expansion strategy is paying dividends as it records 10.6% increase in sales for H1 2016, with QAR 102.4mn net profit
Al Meera Consumer Goods Company (QSC)’s expansion plans have paid off in H1 2016, with net profit to the owners of the company totalling $28.1m (QAR102.4m), for the period ended 30 June, 2016.
Al Meera is developing an expansion strategy that dovetails with the Qatar National Vision 2030’s urban development plans, and is in the process of finishing the final stages for opening five stores of the 14 announced last year.
During the first half of the year, the company recorded an 8% increase with a profit of $59m (QAR215.4m), despite a drop in gross profit percentage from 16.3% (last period) to 16.0% (this period).
The shops’ gross rental income increased by 50.1% from $6.3m (QAR23.3m) last year, to $9.5m (QAR34.9m) this year, while the company’s operating income also improved 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 $329m (QAR1.2bn) to $357m (QAR1.3bn), compared to the same period during the previous year.
As of June 30, 2016, total equity stood at $357m (QAR1.3bn) on a capital base of $55m (QAR200m), and earnings per share for the period was $1.3 (QAR5.12), an increase of 1.5% from H1 2015.
The company’s malls are constructed according to international standards and each mall includes a supermarket, along with shops, restaurants and other stores.
Factories due to be open in the near future are in Bu Sidra, North Sailiya (Al Miarad), Al Wakra (West), Leaibab 2, and Um Salal Ali.