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Thu 3 Mar 2016 01:45 PM

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Qatar retailer Al Meera posts record sales of $672m in 2015

Company also reveals plan to open 14 new shopping centres, with five due to launch this year

Qatar retailer Al Meera posts record sales of $672m in 2015

Qatar retailer Al Meera Consumer Goods Company has announced record-breaking growth in its retail sales and leasing net profits in 2015.

Dr Mohammed Nasser Al Qahtani, Al Meera deputy CEO said the company's retail sales amounted to QR2.45 billion ($672.8 million), a 12.5 percent jump over 2014.

Retail sales net profit grew by 33.3 percent during the same period, reaching QR149.3 million compared to QR112 million in 2014.

He added that the company's QR44.5 million leasing segment net profit also represented a 20.6 percent increase over the previous year, with total net profit reaching QR162.1 million in 2015.

Al Meera's announcement comes as its expansion plans continue with the establishment of 10 new branches across the country last year.

Al Qahtani said the company is also working to add 14 new shopping centres in the future, with five due to be completed in 2016.

Al Meera has also signed a memorandum of understanding 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, he added.

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