Al Meera Consumer Goods Company (QSC) holds its Annual General Assembly Meeting for the year 2016

Al Meera Consumer Goods Company (QSC) held its Annual Ordinary General Assembly on Monday, March 28, 2016 at Regency Hall in Doha, in the presence of of HE Abdulla Bin Khalid Al Qahtani, Chairman of the Board of Directors, as well as members of the Board of Directors, shareholders and investors. All items on the agenda were discussed, such as hearing and approving the Board's Report and the Corporate Governance Report for the year ended December 31, 2015, as well as discussing and approving the Company's future business plans. This also came in line with hearing the External Auditor's Report of the year ended December 31, 2015. The company’s financial statements for the year ended 31st of December were also discussed and approved.

 The Assembly approved the Board of Directors’ proposal on the distribution of cash dividends of QR (9) per share. Also, the Board of Directors were discharged from liabilities and the Assembly approved their remuneration for the year ended December 31, 2015.

Al Meera also had the discussion and approval on several key points, including hearing the External Auditor’s Report for the year Ended December 31, 2015, adopting the 6th Corporate Governance Report, as well as the election of 5 Board Members for a new rotation.

Chairman’s Message

In 2015, Al Meera achieved a record-breaking development in Sales. During his speech, Abdulla Bin Khalid Al Qahtani, Chairman of Al Meera Consumer Goods Company (QSC) said: “On behalf of the Board of Directors, I am honored and pleased to present to you, our valued shareholders, Al Meera Group’s Annual Report for the year ended December 31, 2015. The year 2015 has been another year of significant achievements and record performance in both our retail and leasing segments. Sales and net profit from our retail segment increased by QAR 273.1 million (12.5%) and QAR 37.3 million (33.3%), respectively, while shop rental income and net profit from our leasing segment increased by QAR 7.6 million (17.7%) and QAR 7.6 million (20.6%), respectively, compared to 2014. 

Al Meera’s Chairman noted that the year 2015 witnessed the opening of nine (9) new shopping malls located at Muraikh, Al Azizia, Muaither, Jeryan Nejaima, Thakhira, Al Wakra (South), Al Thumama, Al Wajba and Rawdat Ekdeem, in addition to the first Al Meera branch in a mall which is in the Gulf Mall. 

“Each of the new stores offers shoppers a wide variety of food and non-food related items as well as fresh products. Most of new branches also include a butchery, fishery, delicatessen, fruits and vegetables area and bakery to answer to the consumers’ various daily needs at very competitive prices”. He added: “The branches are well equipped with state-of-the-art elements, from high-tech lighting to the latest storage techniques and technologies. The new world-class shelves highly reflect the company’s keenness to offer the best product display to its customers, allowing them to shop more conveniently. In addition to a huge parking space, the stores feature a diversity of shops and restaurants. In 2015, these ten (10) new stores contributed QAR 210.9 million to the Group’s sales”. 

With a network of 45 branches, including 4 in the Sultanate of Oman, Al Meera’s Chairman said that the company plans to continue its expansion and growth in 2016 and beyond. 

“In close communication with the Ministry of Municipality and Environment, Al Meera has requested to open branches in new locations, such as Rawdat Al Hamam North, Al Sheehaniya North, Madkhal al Khuraib, Rawdat Rashed, Umm Al Umd, Al Khuraitiyat and others”. He also added: “The company has also begun construction work on several other stores as part of its expansion strategy to construct 14 new shopping malls across the State, located in Sailiya North, Bu Sidra, Al Wakra (West), Umm Salal Ali, Leabaib (2 locations) Rawdat Aba El-Heran, Azghawa, Al Khor, Um Qrn, Rawdat Al Hamama, Jeryan Jenaihat, Al Sailiya and Ain Khaled”.

Al Meera’s expansion strategy and growth plans demonstrate the company’s great ability to keep up with future development, the Chairman noted, pointing out that it is taking several strides in this direction through the implementation of its strategic plan to increase the number of its branches, in response to the construction boom and population growth in Qatar, in line with the Qatar National Vision 2030 to develop all areas in the State.

Al Qahtani also pointed out that the year 2015 marked the Group’s 10 years of achievements after opening its first doors in 2005. 

“In 10 years, Al Meera Consumer Goods Company has become an integral part of Qatar’s development program as well as remain committed to societal values and Qatari heritage as a leading national company. As such, our supermarkets chain brought the concept of family shopping to life by adhering to international standards of shopping to satisfy the various needs of its customers in all areas of the State”, he said.

He added: “During the past 10 years, Al Meera has put a great emphasis and importance on being socially responsible by taking part in several social initiatives that indicate the company’s care for its customers. These initiatives didn’t stop at any point, and covered all aspects related to ethical consumption and health awareness through partnerships with the most prominent government institutions in this field”.

To conclude his speech, on behalf of the Board of Directors, Al Qahtani expressed his sincere appreciation and deep gratitude to His Highness Sheikh Tamim Bin Hamad Al Thani, the Emir, for his wise vision, leadership, support and guidance aimed at raising the level of the local economy and financial institutions, which supports the development of Qatar. The Chairman also extended his gratitude to His Highness the Father Emir Sheikh Hamad bin Khalifa al-Thani, who built the solid foundation upon which the nation is being constructed and developed.

He stated: “The Board would also like to thank His Excellency Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani, Prime Minister and Minister of Interior, for his continuous support and guidance. Our appreciation and thanks also goes to the Companies Control Department at the Ministry of Economy and Commerce for its constant cooperation and help.”

He added: “We would like to sincerely thank you, our valued shareholders, for your relentless commitment and support that has enabled Al Meera to scale new heights and move steadily towards our goal of becoming the leading retail company for consumer goods in Qatar, in line with our slogan, ‘Your Favourite Neighbourhood Retailer’. Our thanks are also extended to the executive management and employees of Al Meera for their dedication and diligence”. 

The election of five new Board Members 

The agenda of this year’s Annual General Assembly Meeting also included electing five Board Members from the private sector, for a period of three years.

The result of the election saw the winning of HE Dr. Saleh Bin Mohammed Al-Nabit, Mr. Ahmed Abdullah Al Khulaifi, Mr. Mohammed Ibrahim Al Sulaiti, Mr. Mohammad Abdulla Al Mustafawi Al Hashemi, Mr. Hassan Abdullah H I Al Asmakh, who will be joining Al Meera’s new Board of Directors.

Board of Directors’ Report

According to Al Meera’s latest Board of Directors’ Report, 2015 was yet another year of outstanding accomplishments and tremendous achievements in expansion milestones, operations and financial growth.

Bringing life to family shopping, the report reaffirmed the company’s adherence to world-class shopping standards at the service of consumer needs and satisfaction, as well as at the various communities, nationals and residents in the State of Qatar.


According to the report, the company has poured its energy and efforts into living up to its newly revamped identity under the slogan “Your Favourite Neighbourhood Retailer”, beginning with the overhauling of its stores in Wakra, Khalifa South, Mansoura, Bin Omran, Hazm Al Markhiya, Azghawa, Mamoura and Géant Hypermarket in Hyatt Plaza. 

The report stated: “The complete internal renovation encompasses refrigeration, shelving and flooring, among others. Also slated for internal renovation in 2016 are the Shamal, Al Mirqab , Gharafat Al Rayyan, Dahl Al Hamam, Rawdat El Khail, Onaiza, Shahaniya, Jumailiya, Ghuwairiya and Kaaban branches. Additionally, Al Meera has undertaken the façade revamp for the Hazm Al Markhiya branch, with tenders currently under process for the Shamal, Wakra, Bin Omran, Mansoura, Jumailiya, Dahl Al Hamam, Rawda El Khail, Onaiza, Azghawa, Mamoura, Khalifa South and Gharafat Al Rayyan.”


With respect to the Al Meera’s expansion strategy, the report said that the journey began with the execution of the company’s 10 year business plan which encompasses a well-thought-through expansion strategy spearheaded by the Board.

“The expansion strategy included modern redesigning of several flagship branches; the first of which was the Abu Nakhla branch, followed by two modern shopping centers to serve the residents and visitors of Nuaija and Legtaifiya – in line with the company’s expansionary policy across the State’s various areas. Additionally, the company has leased a branch from the Dasman Group, with a later launch slated for the Al Meera Hypermarket on the airport road”, the report mentioned.

It added: “In the year 2011, Al Meera acquired Qatar Markets Company (Giant Stores) and the Al Oumara Bakeries company. In the same year, Al Meera signed a franchise agreement with WHSmith Travel Limited, a leading provider of magazines, books, stationary and office supplies, to operate WH Smith stores in Qatar.”

Through its commitment to be “Your Favourite Neighbourhood Retailer,” the report cited Al Meera’s expansion outside the State of Qatar, with the purchase of five “Safeer” stores in the Sultanate of Oman with its Omani partner, Oman National Investments Development Company (ONIDCO).

The report pointed out that Al Meera’s long term expansion strategy continues to drive its retail sales and profit growth, and its commitment to deliver quality, value and service to customers, stressing that the opening of nine (9) community malls in Qatar and the first Al Meera Brand store in mall – The Gulf Mall during the year, has been in line with the Qatar National Vision 2030 to develop different areas in the State. 

The report continued: “Al Meera’s continuous growth is driven by our ongoing pursuit of excellence and to remain close to our customers wherever they are. From 26 stores in the first year of operation, Al Meera now has a network of forty five (45) stores – forty one (41) of which are in the State of Qatar and four (4) of which are in the Sultanate of Oman.”

New branches in the years to come

The Board of Directors’ Report stated that Al Meera’s expansion plans are stretching to new heights with the setup of 14 new shopping centers spread across the country; a result of strategic research and strategy to keep pace with Qatar’s urban planning, which has extended to new areas and others that have recently witnessed a population boom. 

“In fact, Al Meera is working in close and continual coordination and collaboration with the Ministry of Municipalities and Urban Planning to exchange recommendations and suggestions”, the report pointed out.

New store to open in Oman in 2016

In addition to the setup of 14 new shopping centers in Qatar, the report announced the opening of a new store in Oman in 2016. 

“After the development, refurbishment and conversion of existing stores into community malls, the year 2015 was a year of consolidation for Al Meera Markets (SAOC). Profit and EBITDA increased steadily in 2015 in a challenging competitive market. To further expand and reinforce our market share we are planning to open a new Supermarket of 1,500 m2 in a new upcoming mall in Al Hail location in Muscat suburbs in the second half of 2016”, the report revealed.

Social responsibility

Regarding the company’s Corporate Social Responsibility (CSR), the report said: “Since its inception in 2005, Al Meera Consumer Goods Company has always been committed to carrying out its social responsibility, and, as a result, has achieved a lot in social work because of its belief that its success stems from its sense of need for community service.”

It added: “As part of its role in social development, and with emphasis on its societal role in supporting valuable campaigns, Al Meera sponsored and launched several campaigns that further enhance the company’s responsibility towards the society. These include the following: Tarahom Campaign, Cooperation with Qatar Charity, Support to productive families, Action on Diabetes, National Sports Day, Ramadan Campaigns, Support to Qatar Red Crescent, Support to ministry of public health, sponsoring Sports events and Qatar National Day.”

Awards and achievements

The Board of Directors’ Report also mentioned several awards that Al Meera received in 2015, including the leadership award for social responsibility in 2014 from the Qatar University, as well as the Award of Excellence for Food Safety 2015, which Qatar Chamber handed to Al Meera, during an inauguration ceremony for the “Qatar’s Achievements in Work Safety” book.

Furthermore, the report said: “The Company received the ISO 9001:2008 certification for the activities of the commercial department from Bureau Veritas Certification Holding SAS – UK Branch. Not to mention, earlier this year, Qatar Today’s Awards for Business Excellence selected Al Meera among the top ten companies listed on the stock exchange in terms of performance. This came as a result of the company’s adaptability, innovation and vision, which enabled it to overcome many challenges and increase its market value, as well as generate substantial returns for its shareholders.”

“Within 10 years of its establishment, Al Meera’s steadfast evolution and steps have reflected in a slew of achievements and accomplishments at the service of its customers and shareholders. We will continue to strive and pour all our efforts to mark even more accomplishments across our journey”, the report concluded.

Business Review

Operations highlights

  • Opened nine (9) new community malls in Qatar with Al Meera as anchored stores.
  • Opened Al Meera Brand Store in the Gulf Mall.
  • Started constructing of five (5) of the fourteen (14) additional community mall in Qatar.
  • Received ISO 9001:2008 certification for the commercial department from Bureau Veritas Certification Holding SAS – UK Branch.
  • Qatar Today’s Awards for Business Excellence selected Al Meera among the top ten companies listed on the stock exchange in terms of performance.
  • Finalized the signature of lease to open a new Supermarket (1,500 m2) in the upcoming Al Muzn Mall, in Al Hail, Muscat, the Sultanate of Oman. Store is scheduled to open second half of 2016.

Financial highlights

  • Group sales increased 12.5% (QAR 273.1 million), from QAR 2,176.0 million to QAR 2,449.1 million.
  • Group Gross profit increased 17.7% (QAR 64.2 million), from QAR 362.9 million to QAR 427.2 million.
  • Group gross shops rental income increased 17.7% (QAR 7.6 million), from QAR 42.8 million to QAR 50.3 million.
  • Group operating income increased 2.4%, to QAR 498.6 million, compared to QAR 486.7 million in 2014.
  • Group net profit attributable to owners of the Company after non-controlling interests and provision for impairment losses on sale of available for sale investments (QAR 47.6 million), decreased 28.5% to QAR 162.1 million.