Al Meera Group's Q3 gross profit up 6.2% to QR313.9mn

27/10/2016 07:37 AST

Al Meera Group gross profit has increased from QR295.5mn to QR313.9mn in the third quarter of 2016, up 6.2% or QR18.4mn over the same period last year, it was announced in a statement.

Similarly, Al Meera announced that Group gross shops rental income increased 49.6%, from QR35.6mn to QR53.3mn, compared to the same period last year.

"For the third quarter of 2016, Al Meera's Group sales increased 7.2% (QR129.2mn), from QR1.8bn to QR1.93bn, compared to the same period last year. Al Meera's Group operating income increased 9.4%, from QR349.6mn to QR382.6mn, compared to the same period last year," Al Meera Consumer Goods Company deputy CEO Dr Mohamed Nasser al-Qahtani said. Al Meera said its third quarter financial results for 2016 "reflect the company's sound policies, high standards of service, and the continued progress achieved in its medium and long term expansion plans," including the recent soft opening of its 4,239sq m Bu Sidra branch - the first of five new shopping centres set to open soon, adding a total of 9,709sq m supermarket area to Al Meera's presence in Qatar.

"Guided by a clear vision, a passion for excellence, and a growth strategy that is perfectly aligned with the country's national vision and its urbanisation plans, Al Meera has concluded yet another successful quarter that boasts strong financial results, growth figures, and key performance indicators.

"This year's Q3 results propel us to continue our march of progress, and spare no effort in bringing our future expansion plans to fruition and Al Meera's upcoming shopping centres to new neighbourhoods across Qatar's various regions, with an unmatched, totally revamped shopping experience designed to take our household brand and the retail market in the country to greater new heights," al-Qahtani said.

Earlier this month, Al Meera announced that it is in the final stages of preparations for four of its upcoming stores in North Sailiya (Al Miarad), 4,000sq m; Al Wakrah (East), 2,667sqm; Umm Salal Ali, 4,014sq m; and Leaibab 2, 5,093sq m, in addition to the recently launched Bu Sidra branch.

"Each centre will feature a supermarket equipped with world-class technologies and facilities, a huge parking space, and a diversity of shops and restaurants and other stores, further fulfilling the company's vision of becoming consumers' 'Favourite Neighbourhood Retailer'," the statement pointed out.

It added: "With the upcoming stores reaching the finalisation stage, the supermarket retail chain is bringing progress to 11 out of the '14 shopping centres' expansion plan that Al Meera announced last year."

Gulf Times