Doha, Qatar – 17 March 2020: Al Meera Consumer Goods Company (Q.P.S.C.) held its Annual Ordinary General Assembly on Tuesday, 17th March 2020 at its head office in Qatar Tower, West Bay, in the presence of H.E. Abdulla Abdulaziz Turki Al-Subaie, Chairman of the Board of Directors, as well as members of the Board of Directors, shareholders and investors.
During the year, Al Meera recorded consolidated sales of QAR 3 billion. Gross profit increased 4.5% to QAR 518.6 million. Group gross shops rental income amounted to QAR 74.8 million. The net profit attributable to shareholders increased to QAR 186.6 million, compared to QAR 182.4 million achieved in 2018. Earnings per share improved to QAR 0.93, compared to QAR 0.91 reported in 2018.
The Assembly approved the Board of Directors’ proposal on the distribution of cash dividends of 0.85 Qatari Riyals per share.
At the beginning of the Meeting, of H.E. Abdulla Abdulaziz Turki Al-Subaie, Chairman of the Board of Directors, thanked His Highness Sheikh Tamim Bin Hamad al Thani, Emir of the State of Qatar for his remarkable leadership and vision of the growth, development and security of Qatar.
H.E. Abdulla Abdulaziz Turki Al-Subaie, Chairman of the Board of Directors, commented on Al Meera’s performance, stating:
“As a leading national retailer, our role in the community is incredibly integrated, at the center of economic, social, health, and environmental matters. We have become more than a local neighborhood store not only committed to promoting quality food at affordable prices, but also encouraging sustainable practices in our consumers’ behavior. Moreover, we are now looking to extend our legacy to the wider region. We at Al Meera are committed to continuing our efforts in serving the interests of our shareholders and consumers and appreciate the collective efforts of our Board of Directors, management, and employees in contributing to the overall growth of the company.”
The Assembly also discussed some key priorities for Al Meera’s future development in preparing it for the next stage of growth. Internally, Al Meera hopes that a reorganization of its corporate structure and implementation of best practices in the industry, will prepare it for its future plans.
The group is also looking to expand to economically viable locations in new areas within the community, and in the region. Al Meera is gearing up to play a bigger role in the supermarket arena in Oman with the aim of doubling its retail network.
Moreover, Al Meera is constantly adapting to the needs of the continuously evolving demographic of Qatar, with goals to expand on the Al Meera product range as well as introduce new product lines. A recent announcement was made to introduce a range of items from international brands at select Al Meera branches around Qatar to serve its consumers better. Plans are also afoot to embrace the changing trends in customer shopping by potential adoption of services such as e-commerce.