Qatar-based Al Meera Consumer Goods Company has posted a record net profit of QR43.1 million ($11.8 million) for the first quarter of 2015 as compared to QR39.2 million ($10.7 million) for the same period in 2014, marking an increase of 10 per cent.

Sales in first quarter of 2015 grew by 11 per cent, from QR508.4 million ($139.5 million) to QR 564.1 million ($154.8 million), compared to the same period in 2014.

The Earnings per Share (EPS) amounted to QR2.15 ($0.59) as of March 31, 2015 versus QR 1.96 ($0.53) of the same period in 2014.

In the first quarter of 2015, the company has already opened its new branches in Muaither and Azizia, and did the soft opening for the Muraikh and Gulf Mall, a statement said.

In order to achieve a wider spread that satisfies its customers, Al Meera is ready to inaugurate six other branches this year in Jeryan Nejaima, Thakhira, Al Wakra, Al Thumama, Al Wajba and Rawdat Ekdeem. The aforementioned stores will be opening their doors weeks apart, one after the other.

In addition, Al Meera is currently constructing 14 new shopping centres located in Sailiya North, Bu Sidra, Al Wakra2, Umm Salal, Leabaib 1, Leabaib 2, Rawdat Aba El-Herran, Azghawa, Al Khor, Um Qarn, Rawdat Al Hamama, Jeryan Junaihat, Al Sailiya, and Ain Khaled, said Dr Mohammed Nasser Al Qahtani, deputy CEO of Al Meera.

“Our increase in sales and net profit is a result of careful planning and an ambitious expansion plan that has been underway since 2014. In addition to supermarkets, Al Meera’s modern branches will include a variety of restaurants and much more,” said Dr Al Qahtani.

“Adhering to our motto ‘Your Favourite Neighbourhood Retailer’, this growth is in line with the Qatar National Vision 2030 to develop areas within the state and provide them with integrated services.”

These new branches come as part of Al Meera’s expansion plan to serve all areas in Qatar, answering the communities’ needs and providing competitive prices in all its branches. All new malls are being built according to the highest international standards, with contemporary interior design and modern lighting, Dr Al Qahtani highlighted. – TradeArabia News Service