Al Meera Consumer Goods Company (Al Meera) is looking to expand to economically-viable locations in new areas within the community and in the region.
This was discussed yesterday during Al Meera’s Annual Ordinary General Assembly, which was presided over by the board’s chairman, HE Abdullah bin Abdulaziz bin Turki al-Subaie.
During the meeting, it was discussed that Al Meera is gearing up to play a bigger role in the supermarket arena in Oman with the aim of doubling its retail network.
The meeting also discussed some key priorities for Al Meera’s future development in preparation for its next stage of growth. Internally, Al Meera hopes that a reorganisation of its corporate structure and implementation of best practices in the industry will prepare it for the future.
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.
Recently, Al Meera announced that it would introduce a range of items from international brands at select Al Meera branches across Qatar to serve its consumers better. Plans are also in the pipeline to embrace the changing trends in customer shopping by potential adoption of services, such as e-commerce.
The meeting also approved the board of directors’ proposal to distribute cash dividends of QR0.85 per share.
In 2019, Al Meera recorded consolidated sales of QR3bn. Gross profit increased 4.5% to QR518.6mn, while group gross shops rental income amounted to QR74.8mn. The net profit attributable to shareholders increased to QR186.6mn compared to QR182.4mn achieved in 2018. Earnings per share improved to QR0.93 compared to QR0.91 reported in 2018.
At the beginning of the meeting, al-Subaie thanked His Highness the Amir Sheikh Tamim bin Hamad al-Thani “for his remarkable leadership and vision of the growth, development, and security of Qatar.”
“As a leading national retailer, our role in the community is incredibly integrated, at the centre of economic, social, health, and environmental matters. We have become more than a local neighbourhood store not only committed to promoting quality food at affordable prices, but also encouraging sustainable practices in our consumers’ behaviour.
“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,” al-Subaie said.
Al Meera chairman HE Abdullah bin Abdulaziz bin Turki al-Subaie presiding over the Annual Ordinary General Assembly held yesterday at the company’s head office in Qatar Tower, West Bay.
