Qatari retailer Al Meera's net profit up 23pc

05/03/2017 07:55 AST

Qatar-based retail major Al Meera Consumer Goods Company said its group net profit attributable to equity holders of the parent company for the financial year 2016, surged 23 per cent to QR199.2 million ($55 million) over QR162.1 million ($44.5 million) the previous year.

Announcing its results for the year ended December 31, 2016, Al Meera said it has recorded its highest annual sales figure to date which increased 6.3 per cent from QR2.44 billion to QR2.6 billion.

Meanwhile, the group's gross shop rental income recorded a substantial 37.6 per cent growth to hit QR 69.3 million in 2016 compared to QR50.3 million in 2015.

Earnings per share equated to QR9.96 compared to QR8.10 in 2015. On the performance, Sheikh Thani Bin Thamer Bin Mohammed Al Thani, Al Meera's chairman of the board of directors, said: "We crossed several key milestones in 2016 apart from continued growth, and solid financial results. As part of the company's current 5 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, it more importantly contributes to the urban development of the country's various territories as well as its economic progress, in line with the Qatar National Vision (QNV) 2030," he stated.

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 sq m, including its Géant Hypermarket at Hyatt Plaza) and five branches in Oman.

"However, our achievements didn't stop there," stated Sheikh Thani. "Al Meera's fruitful community development efforts and initiatives throughout the year were proudly translated in winning the 2016 Qatar Social Responsibility Award for the Large Enterprises category," he said.

"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," noted Sheikh Thani.

Impressed with the results, Al Meera's board of directors has recommended distributing a cash dividend of QR9 per share, which is equivalent to 90 per cent of the nominal share value, amounting to QR180 million for the shareholders, he added.-

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