Qatar-based Al Meera Consumer Goods Company (QSC) has posted a record-breaking QR2.45 billion ($672 million) in retail sales for 2015, marking an increase of 12.5 per cent over 2014.

The retail segment’s net profit grew 33.3 per cent during the same period, reaching QR149.3 million compared to QR112 million in 2014.

"The Company’s QR44.5 million leasing segment net profit also shows a 20.6 per cent increase over the previous year’s QR36.9 million,” said Dr Mohammed Nasser Al Qahtani, Al Meera deputy chief executive officer.

“Meanwhile, the Group posted net profit attributable to owners of the company of QR162.1 million in 2015 and 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."

Al Meera's latest financial results are released as its expansion plans continue to serve all areas of Qatar, with the establishment and provision of 10 brand new branches that were opened across the country in 2015, a statement said.

"2015 was the year of celebrating the tenth anniversary of the company’s founding, since which Al Meera has managed to strengthen its position as one of the main pillars of the national economy. Al Meera’s status and leadership have been translated into a slew of awards and certificates that it reaped in 2015; a year that, in this regard, can be described as the year of harvest,” Dr Al Qahtani said.

"The application of the company’s ‘Your Favourite Neighbourhood Retailer’ slogan required renovation, development, and expansion plans that resulted in the operation of nine new shopping centres located in different regions across the country, in addition to Al Meera’s Gulf Mall branch entering into the operation phase.

“The company is also working to add 14 new shopping centres in the coming period. We here refer to the progress made in execution works in five there of that are due to be completed in 2016. 2016 will also see the opening of a shopping center in Al Muzn Mall in Oman,” he added.

Al Meera has signed a Memorandum of Understanding (MoU) with Lusail Real Estate Development Company for the operation and management of two shopping centres in Jabal Thuaileb and the District’s Northern residential villas. – TradeArabia News Service