Al Meera group announces the financial results for the year ended 31 December 2020

As a result, Al Meera's operations in 2020 have been positively impacted by COVID-19 related activities

  

Al Meera Consumer Goods CompanyQ.P.S.C. the biggest retail chain in Qatar today announced its financial results for the year ended 31 December 2020.

During the first half of the year, to combat the shortage of supply of essential goods brought about by the unprecedented (COVID-19) Pandemic, Al Meera made great efforts to ensure that all Al Meera stores have adequate supplies of FMCG, groceries and foodstuff to meet the increased demands of the communities. The unprecedented demand for products across multiple categories led to strong top-line results.

As a result, Al Meera’s operations in 2020 have been positively impacted by COVID-19 related activities. The Company recorded consolidated sales of QR 3.4 billion in 2020. Gross profit increased to QAR 592.1 million, an increase of 14.2% over 2019.

However, rental income during the year has been negatively impact by the Pandemic. As part of Al Meera's dedication to the community and in support of local businesses to overcome the economic impact of (COVID 19) outbreak in the country, Al Meera provided various incentives, including rent free concessions up to four months plus rescheduling of rent payments, to assist the retail tenants that have been directly affected by the (COVID 19) lockdown. As a result, rental income for the year decreased by QAR 9.7 million, to QAR 65.1 million, compared to the same period in 2019.

The Company ended the year with net profit attributable to shareholders of QAR 209.0 million, an increase of QAR 22.5 million, or 12.0%, compared to 2019. Earnings per share improved to QAR 1.05, compared to QAR 0.93 reported in 2019.

The Board of Directors have proposed a 90% cash dividend on the paid-up capital of QR 0.90 per share totaling QR 180 million for the year 2020, which is subject to the approval of the shareholders at the Annual General Assembly.

-Ends-

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases