Al Meera Consumer Goods Company (Q.P.S.C.) holds its Annual Ordinary General Assembly Meeting for the Year 2020

Al Meera Consumer Goods Company (Q.P.S.C.) held its Annual Ordinary General Assembly on Sunday, 28th March 2021 virtually 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 AGM, all items on the agenda were discussed and approved including the Board’s recommendation to distribute cash dividends amounting to 90% of the nominal value of the shares, equivalent to QAR 0.90 per share.

For the year ended 31 December 2020, Al Meera recorded consolidated sales of QAR 3.4 billion. Gross profit increased 14.2% over 2019 to QAR 592.1 million. Group gross shops rental income amounted to QAR 65.1 million. The net profit attributable to shareholders increased to QAR 209.0 million, an increase of QAR 22.5 million, or 12.1%, compared to 2019. Earnings per share improved to QAR 1.05, compared to QAR 0.93 reported in 2019.

At the beginning of the Meeting, 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:

“Al Meera’s strong performance in the market last year is a culmination of its leading role in the FMCG sector as the national retailer of Qatar. Amongst managing consumer confidence in the face of an ongoing pandemic, economic activity was spurred by maintaining fully-stocked branches in neighbourhoods across the county with uninterrupted expansion plans, and continuous improvement across operations. Al Meera’s agility in responding to market needs and customer demands, a drive to create safer and efficient retail stores and a unique business model continue to bring prominence as the country’s favourite neighbourhood retailer.  Moreover, we remain committed to our role in advancing Qatar’s social, economic, health and environmental well-being, emboldened by our efforts to serve the interests of our shareholders and stakeholders. Throughout our endeavours, we appreciate the collective efforts of our Board of Directors, management, and employees in contributing to the overall growth of the company.” 

Plans are afoot to open more than four new Al Meera branches as well as expand digitally by further developing the newly launched e-commerce platform, Al Meera Online, by enhancing its capabilities to serve more localities in the country. Moreover, Al Meera is constantly upgrading its services to meet the needs of its continuously evolving customers. In line with this, new products will be introduced in the product mix, especially in the increasingly popular organic section. Extensive plans remain underway for renovating and rebranding at select branches to enhance the shopping experience. Additionally, customers can also look forward to improvements on Meera Rewards with mobile application updates, and promotions, raffles, upgrades, offers, and local partnerships.