Apr 28 2012
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Al Meera' Consumer Goods Company's (Q.S.C) first quarter 2012 gross profits surge over 90%
Doha, Qatar 28, April 2012: Al Meera ' Consumer Goods Company's (Q.S.C), announced further double digit profits in their first half year results for 2012, in continuation of the extraordinary growth that the firm has been recording ever since their expansion strategy kicked into full gear late last year.
The company reported 80% growth in its net profit for the first three months of 2012 to QR 23.09 million, thanks to higher sales earnings. Sales jumped 59% to QR 351.45 million while the cost of sales rose 54% to QR 297.16 million, resulting in a 91% jump in gross profit to QR 54.29 million.
Income from shop rentals was up QR 7.93 million, a 15% rise, and other income increased by 17% to QR 9.23 million, translating to a 66% increase in operating income to QR 71.46 million. General and administrative expenses increased by 48% to QR 40.31 million and the company sustained a finance cost of QR3.08 million.
"Our increasingly aggressive expansion strategy has translated into excellent financial earnings for the company and its shareholders," commented Dr. Mohammad Nasser Al Qahtani, Deputy CEO of Al Meera Consumer Goods Company . "Of course, this will only drive the company to carry on with its plans to which everybody - shareholders, customers, and all general stakeholders - will benefit from."
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