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FINANCIAL NEWS
Qatari Al Meera’s Q1 profits jump 80%
29 Apr 2012
(MENAFN) Qatar’s Al Meera Consumer Goods Company reported 80 percent increase in quarterly profits, on increased sales earnings.
The retailer said it made a USD6.34 million net profit in the first quarter, while sales soared by 59 percent to USDUSD96.5 million.
Sales have increased as the Qatari company continued an agressive expansion strategy that kicked into full gear late last year.
Profit from shop rentals rose 15 percent to USD2.17 million profit, while other income increased by 17 percent to USD2.5 million.
In December, Al Meera inked an agreement to set up Geant hypermarkets in Qatar and Oman, followed by the recent agreement with Thai retailer Index Living Mall to establish and operate home furnishing stores in Qatar.
In February, Al Meera also entered into a joint venture agreement with Saudi Arabia’s United Electronics Company (eXtra) to launch the brand in Qatar.
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