Al Meera AGM awards cash dividend of QR 0.90 per share
Doha: The Annual Ordinary General Meeting of Al Meera Consumer Goods Company (Al Meera) approved the recommendation of the Board of Directors to distribute cash dividends amounting to 90% of the par value of the shares, i.e. 0, 90 QR per share.
The general meeting was held virtually at its headquarters in Qatar Tower, West Bay, in the presence of 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 agenda items were discussed and approved.
Plans are underway to open more than four new Al Meera branches as well as to expand digitally by further developing the newly launched e-commerce platform, Al Meera Online, improving its capabilities to serve more localities in the country.
Abdulla Abdulaziz Turki Al Subaie, said: “Al Meera’s strong performance in the market last year is the culmination of its leading role in the FMCG sector as Qatar’s national retailer. Amongst the management of consumer confidence in the face of an ongoing pandemic, economic activity has been boosted by maintaining fully-stocked branches in neighborhoods across the county with uninterrupted expansion plans and continuous improvement in all operations ” .
“Al Meera’s agility to meet market needs and customer demands, the drive to create safer and more efficient retail stores and a unique business model continue to establish itself as the preferred neighborhood retailer. of the country, ”he said.
“In addition, we remain committed to our role in promoting the social, economic, health and environmental well-being of Qatar, encouraged by our efforts to serve the interests of our shareholders and stakeholders. Throughout our efforts, we appreciate the collective efforts of our Board of Directors, management and employees to contribute to the overall growth of the company, ”he added.
Al Meera is constantly improving its services to meet the needs of its constantly changing customers. With this in mind, new products will be introduced in the product mix, especially in the increasingly popular organic section. Extensive plans are being renovated and rebranding at some branches to improve the shopping experience. In addition, customers can also expect improvements to Meera Rewards with mobile app updates, promotions, sweepstakes, upgrades, offers and local partnerships.
For the fiscal year ended December 31, 2020, Al Meera recorded consolidated sales of QR 3.4 billion. Gross margin increased 14.2% from 2019 to QR 592.1 million. The gross rental income of the Group’s stores amounts to QR 65.1 million. Net profit attributable to shareholders increased to QR 209 million, an increase of QR 22.5 million, or 12.1%, from 2019. Earnings per share improved to QR 1.05, compared to 0.93 QR reported in 2019.