Al Meera Q3-2015: Profit from the retail segment surged 53.8% YoY

QATAR, 2015-11-04 — /EPR Retail News/ — Al Meera Consumer Goods Company (Q.S.C.) recently disclosed its third quarter financial statements for the nine month period ended September 30, 2015.

Sales for the period grew 12.1%, to QR 1.80 billion from QR 1.61 billion, compared to the same period in 2014.

Dr. Mohammed Nasser Al Qahtani, Al Meera Deputy Chief Executive Officer said: “Profit from the retail segment surged 53.8% to QR 85.6 million, compared to QR 55.6 million for the corresponding period of 2014, and profit from the leasing segment rose 12.8%, from QR 29.2 million to QR 33.0 million”. He added: “Net profit from Investment Segment was down by 76.3% to QR 18.1 million, compared to QR 76.2 million for the same period in 2014, due to adverse Qatar stock market conditions”.

Al Meera’s financial results come as a result of the company’s successful 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 results also showed a net profit attributable to owners of the company amounting to QR 137.0 million for the nine month period ended September 30, 2015, down by QR 24.1 million, compared to QR 161.1 million for the same period in 2014, due to decline in net profit from investment segment. Earnings per share for the period were QR 6.85, compared to QR 8.05 for the same period of 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 prioritizes the benefit of everyone in the country – shareholders and clienteles alike”.

Within its framework to expand its outlets in all areas of Qatar, Al Meera has begun the construction works 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.

SOURCE: Al Meera

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