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Tribune news network
Doha
According to its its recently disclosed 2016 financial statements, Al Meera Consumer Goods Company (Q.S.C) recorded its highest annual sales figure to date, with the Group's Net Profit attributable to equity holders of the parent achieving a 22.9 percent growth over the previous year.
In 2016, Al Meera Group sales increased 6.3 percent (QR155.3 million), from QR2.44 billion to QR2.60 billion. Meanwhile, the Group's Gross Shop Rental Income recorded a substantial 37.6 percent jump reaching QR69.3 million in 2016 compared to QR50.3 million in 2015.
Moreover, Group's net profit attributable to equity holders of the parent reached QR199.2 million, a 22.9 percent increase compared to QR162.1 million in 2015, while Earnings per Share in 2016 equated to QR9.96 compared to QR8.10 in 2015.
The company's board of directors recently recommended distributing a cash dividend of QR9 per share, which is equivalent to 90 percent of the nominal share value, amounting to QR180 million for the shareholders.
Al Meera's latest financial results were released as the company continues to make tangible progress in its purposeful expansion plan, bringing the retail chain's world-class shopping experience to consumers in more neighbourhoods and regions across Qatar, a statement said.
To live up to its motto of being 'Your Favourite Neighbourhood Retailer', Al Meera made strides in 2016 to transpire the company's 14-branch expansion plan announced during the previous year.
Before the end of the year, Al Meera had successfully opened two of the five stores as part of their comprehensive store expansion plan starting with the Bu Sidra Branch in October, followed by the North Sailiya (Al Miarad) Branch in December, which together contributed QR7.5 million to the year's total sales.
The two new stores, which feature Al Meera's world-class customer service, product display mechanisms, modern facilities and one-stop shop convenience, has been followed by the opening of the Um Salal Ali branch, as well as the soft-opening of Al Wakra (East) branch in February 2017.
In addition, the Leaibab 2 branch is expected to be launched during March 2017, the company said.
The company also renovated its branches in Rawdat Al Khail, Shamal, and Gharafat Al Rayyan, to match Al Meera's new identity and level of excellence. Al Meera Chairman, Sheikh Thani bin Thamer bin Mohammed al Thani, said,"The year 2016 witnessed Al Meera crossing several milestones with continued growth, and solid financial results. As part of the company's current five branch expansion phase, Al Meera also signed an agreement with contracting companies in 2016, to build six new stores across various regions in Qatar.
"This not only brings progress to 11 out of the 14-branch expansion plan, more importantly it contributes to the urban development of the country's various territories as well as its economic progress."
He added,"Going forward, we will continue to set the benchmark for retail industry in the country and the region, through an ambitious growth strategy, continuous improvement in our facilities and service standards, and unwavering commitment to both our customers and stakeholders, as well as the welfare of the communities in which we operate."
Meanwhile, in Oman, Al Meera's latest conquest in its expansion plan transpired in September 2016, with the opening of the company's new store in Al Muzn Mall, in Al Hail.
Featuring a 1,800 m'b2 supermarket, the new branch brought Al Meera Oman's total retail space to nearly 25,800 m'b2 among its community malls in the Sultanate, including the company's three hypermarkets and a Supermarket in Al Falaj.
By the end of 2016, Al Meera boasted a network of 47 branches with 42 in Qatar (endowed with a total retail space of approximately 68,000 m'b2, including its G`ant Hypermarket at Hyatt Plaza) and 5 branches in Oman.
In the course of diversifying the country's national economy and supporting local startups, Al Meera signed a first-of-its-kind MoU with Qatar Development Bank in 2016, through which the company is poised to play a pivotal role in promoting Qatari products by providing entrepreneurs with an established platform for marketing their products and facilitating the integration of incubated SMEs into its supply chain.
