Al Meera posts QR100.9mn net profit for 2015 first half

(MENAFN- Gulf Times) Backed by vigorous expansion plans and a 13% surge in sales, Al Meera Consumer Goods Company has recorded a QR100.9mn net profit in the first six months of 2015.
Profit from Al Meera's retail segment saw a 95% increase from QR34mn to QR66.4mn compared with the same period in 2014, while profit from the leasing segment rose 14% from QR18.1mn to QR20.7mn.
Al Meera's sales for the first half of this year grew 13% from QR1.08bn to QR1.22bn, compared to the same period in 2014. However, profit from the investment segment slipped from QR60.6mn to QR13.9mn "due to unfavourable stock market conditions," said Al Meera deputy CEO Dr Mohamed Nasser al-Qahtani.

"These financial results come as a result of Al Meera's 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," al-Qahtani added.
Al-Qahtani said total equity stood at QR1.4bn on a capital base of QR200mn, while earnings per share for the period amounted to QR5.04.
"We are very pleased to be among the top 10 companies listed on the stock exchange in terms of performance, according to 'Qatar Today'. We are also very proud of our expansion plan, in line with the Qatar National Vision 2030, to develop all areas of the nation while maintaining competitive pricing, which is suitable for all segments of society," al-Qahtani added.

He also said Al Meera's new community malls are constructed in a modern and contemporary design. Each mall includes a supermarket, along with shops, restaurants and other stores.
The malls are also constructed in accordance with international standards and equipped with the latest interior designs and lighting systems that ensure a distinctive shopping experience, al-Qahtani said.