Al Meera Consumer Goods Company's annual general meeting (AGM) on Tuesday approved the board of directors' proposal on the distribution of cash dividends of QR 9 per share which is equivalent to 90% of the nominal share value for the year 2014.
In his speech to the AGM, Chairman of Al Meera Consumer Goods Company Abdulla Bin Khalid Al Qahtani said the year 2014 witnessed the construction and completion of nine new shopping malls in different part of the country.
"The aim of the expansion is to further expand our reach to more local communities in Qatar. We have 14 additional new malls in Qatar, indeed the construction of some of these malls have already started".
"It is anticipated that Al Meera supermarkets and convenience stores in these fourteen (14) additional malls will increase Al Meera’s store space by another 32,500 SqM, to over 100,000 SqM, from 72,500 SqM which is in line with our planned expansion strategy," he said Alongside the construction of the nine new malls during 2014, Al Qahtani said. "We completely refurbished our existing supermarkets in Azghawa and Mamoura, and we also started the renovation of our mall in Hazm Al Markhiya.
Sales and net profits increased steadily in 2014, HE the Chairman of Al Meera said, adding that the refurbished stores and new stores opened in 2013 have all contributed to the increased sales during the year.
He also indicated that the Group's sales in 2014 grew by 11.8%, from QR 1,946.0 million to QR 2,176.0 million. Overall net profit attributable to owners of the Company rose by 15.5% from QR 196.1 million to QR 226.6 million.
With regards to operations in the Sultanate of Oman, HE Al Qahtani said the hypermarkets and malls in the three key cities of Oman were completely refurbished and converted into community malls.
"All three community malls follow the same Al Meera’s business model, and consist of retail shops, eateries and Al Meera hypermarket as anchor. The hypermarket comprises of several sections that provide a comprehensive selection of products to consumers." Regarding Al Meera's strategic partnership, HE the Chairman said in last September Al Meera Consumer Goods Company together with its partners, Regency Group Holding and Aramex Regional, Dubai - UAE, incorporated a logistics company named, "Aramex Logistics Services Co.," to develop and operate a logistics facility and services business in Qatar.
"This involves building a logistics distribution center on a 91,000 SqM plot of land situated just south of Doha. The center will be built in several phases. The initial phase will include a 20,000 SqM warehousing facility, with plans to quadruple the warehouse in the future phases." 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, 2014, also discussing and approving the Company's future business plans.