Qatari retailer Al Meera Consumer Goods Company has posted a net profit of QR49.4 million ($13.5 million) in the first quarter of 2016, up nearly 15 percent on the year-earlier period.
The company said in a statement that sales in the first quarter grew by 13.7 percent to QR641.2 million while shops rental income also increased by 52.4 percent to QR17.5 million.
Dr Mohammed Nasser Al Qahtani, deputy CEO of Al Meera Consumer Goods Co, said: “The effective steps that have been carried out by Al Meera in all of its operations have contributed to increasing the company’s sales. This is a clear indicator of the success of our expansion plan which aims to satisfy and please our customers’ demands.”
He added that Al Meera is currently working on a plan to establish 14 new branches in various regions of the country, with five shopping centres expected to be delivered within the next three months.
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.
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