Al Meera records QR 226.6 million Net Profit for the year ended December 31, 2014 with 15.5% growth
Al Meera Consumer Goods Company (QSC) recently disclosed its annual financial statements for the year ended December 31, 2014, recording major growth in its net profit and earnings per share.
Dr. Mohammed Nasser Al Qahtani, Al Meera Deputy Chief Executive Officer said: "Al Meera's profits for the year 2014 has grown intensely as net profit grew by 15.5% percent, from QR 196.1 million to QR 226.6 million, compared to the same period in 2013." He added: "The Company’s Earning per Share (EPS) amounted to QR 11.33 as of December 31, 2014 versus QR 10.27 for the corresponding period in 2013. Meanwhile, Al Meera's Board of Directors has recommended distributing a cash dividend of QR 9 per share, which is equivalent to 90% of the nominal share value. Notably, the company’s revenue also reached QR 2.2 billion, which is 11.8% higher than 2013."
The latest Al Meera's financial results come as the company maintains its expansion plans adhering to its motto “the Favourite Neighbourhood Retailer” and aiming 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 Meera also aims through these plans to achieve greater profitability for its shareholders.
In this regard, Dr. Al Qahtani noted: "The year 2014 saw a remarkable success not only at the profits level but in regards to our ongoing expansion plan. The past year has witnessed the completion of nine new state-of-the-art community shopping malls located at Muraikh, Al Azizia, Muaither, Jeryan Nejaima, Thakhira, Al Wakra, Al Thumama, Al Wajba, Rawdat Ekdeem in addition to a rental branch ready to open at Gulf Mall. The projects aim to fulfill the different and daily needs of Qatar’s residents wherever they are. For that, soft openings were already held at Al Azizia and Muraikh while Muaither branch will be opening in two days”.
He added: "To expand our reach to more local communities in Qatar, we also have fourteen additional new malls in Qatar currently under construction. Building works kicked off in Sailiya North, Umm Salal Ali, Bu Sidra, and Al Wakra 2, while the construction phase is expected to end in 2015 in the malls of Leabaib 1, Leabaib 2, Rawdat Aba El-Herran, Azghawa, Al Khor, Um Qarn, Rawdat Al Hamama, Jeryan Junaihat, Al Sailiya, and Ain Khaled. Once the construction phase is completed, Al Meera will be ready to open its new modern malls to the public after receiving all related approvals from the concerned governmental departments”.
Al Meera's new branches are constructed in a modern and contemporary design which 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. The additional malls will be built to the same international and stringent specifications, and will have the similar “look and feel” as the nine new malls.