(MENAFN - Gulf Times) Al Meera Consumer Goods Company is gearing up for the launching of its Leaibab 2 branch next month as part of the company's five-store expansion phase by the beginning of the second quarter of 2017.
The launching of the Leaibab 2 branch, which is part of a larger expansion plan for 14 shopping centres, was announced yesterday during the company's annual general meeting presided over by Al Meera vice chairman Dr Saif Said al-Sowaidi.
Al-Sowaidi said Al Meera recently opened new stores in Bu Sidra and North Sailiya (Al Miarad), as well as the Um Salal Ali branch and another in Al Wakrah (East). Other developments this year, he also said, include Al Meera's partnership with Msheireb Real Estate Company for the opening of a store in Msheireb Downtown Doha.
The mixed-use project designed to revive the urban centre of Doha located at the iconic project's Galleria Mall, which forms a major part of its retail offering. Al Meera said its MDD branch 'will bring to fruition years of experience in modern design and will be established in harmony with the nature of the place and its surroundings.
The shopping centre will be divided into three main sections: A supermarket, a dedicated area for organic products, and a coffee shop for organic products.
Another milestone includes efforts to coordinate with the local farmers and marketing their quality Qatri vegetables (premium products) at Al Meera branches, which was inaugurated by HE the Minister of Municipality and Environment, Mohamed bin Abdullah al-Rumaihi.
Al Meera said its 'active participation in the joint initiative between the MME and the Ministry of Economy and Commerce represents an extension of its continued efforts to encourage local farmers and to provide consumers with the finest fresh products at reasonable prices.
'Therefore, Al Meera plays an active role in supporting the economic diversification by providing local farms the ideal channels to market their products through a wider range of retail stores in Qatar, and make use of the high turnout throughout their different branches, Al Meera said.
During the meeting, al-Sowaidi said, 'Al Meera accomplished continued growth in 2016, with noteworthy financial results. The group profit increased at a rate of 3.4% to QR441.7mn, and the group's shop rental income recorded a 37.6% growth reaching around QR69.3mn with group sales witnessing a 6.3% jump, reaching QR2.6bn.
'The group's operating income has achieved a 6.6% increase, and net profit attributable to the equity holders of the parent reached QR199.2mn, which has led to the distribution of 90% cash dividend, equivalent to QR9 per share.