Qatar-based Al Meera Consumer Goods Company posted sales of QR 1.80 billion ($494 million) for the nine-month period ending September, marking an  increase of 12.1 per cent over sales of QR1.61 billion for the same period last year.

Dr Mohammed Nasser Al Qahtani, Al Meera deputy chief executive officer said: “Profit from the retail segment surged 53.8 per cent to QR85.6 million, compared to QR 55.6 million for the corresponding period of 2014, and profit from the leasing segment rose 12.8 per cent, from QR 29.2 million to QR33 million.”

“Net profit from Investment Segment was down by 76.3 per cent to QR18.1 million, compared to QR76.2 million for the same period in 2014, due to adverse Qatar stock market conditions,” he added.

The results also showed a net profit attributable to owners of the company amounting to QR137 million for the nine month period ended September 30, down by QR24.1 million, compared to QR161.1 million for the same period in 2014, due to decline in net profit from investment segment. Earnings per share for the period were QR6.85, compared to QR 8.05 for the same period of last year.

“These results clearly demonstrate Al Meera’s ascending performance throughout the years. We are glad to maintain this growth with achieving an ambitious expansion plan involving 40 branches in the State of Qatar. Our aim is to not only increase our retail space, but also to broaden our product offerings to all our customers. This strategy prioritizes the benefit of everyone in the country - shareholders and clienteles alike,” Dr Al Qahtani said.

Within its framework to expand its outlets in all areas of Qatar, Al Meera has begun the construction works on several other branches as part of its expansion strategy to construct 14 new shopping malls across the country. – TradeArabia News Service