Posted on August 27, 2016

Qatar retailer Al Meera Consumer Goods Company has announced that its net profit for the first half of 2016 amounted to QR102.4 million. Al Meera said in a statement that sales for the first six months grew 10.6 percent to QR1.35 billion compared to the same period in 2015.

As of June 30, total equity stood at QR1.33 billion on a capital base of QR200 million, the company added. Al Meera also said it recorded a 50 percent increase in gross shops rental income to QR34.9 million while operating income also increased by 10.6 percent compared to the same period in 2015. Al Meera announced that it is in the process of finishing the final stages for opening five stores out of the 14 announced last year, which are due to be open soon in Bu Sidra, North Sailiya (Al Miarad), Al Wakra (West), Leaibab 2, and Um Salal Ali.

 The company had recently awarded contracts worth more than QR238 million to Al Khayarin Group Contracting and Trading and Al Muftah Contracting Company, to build six new stores. Al Meera said it has also signed an agreement for the operation and management of two further shopping centres in Lusail City. Al Meera 's expansion plans also include the opening of new branches to serve students at Qatar Foundation for Education, Science and Community Development. The company said it is also negotiating with the Doha Institute For Graduate Studies to operate a supermarket in its grounds.

source: Arabian Business