Doha: Al Meera Consumer Goods Company, the biggest retail chain in Qatar, has disclosed its financial results for the year ended December 31, 2020, with net profit attributable to shareholders amounting to QR209.0m, an increase of QR22.5m, or 12.0 percent, compared to 2019.
Earnings per share increased to QR1.05, compared to QR0.93 in 2019.
The Board of Directors have proposed a 90 percent cash dividend on the paid-up capital of QR0.90 per share totaling QR180m for the year 2020, which is subject to the approval of the shareholders at the Annual General Assembly.
During the first half of the financial 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 QR3.4bn in 2020. Gross profit increased to QR592.1m, an increase of 14.2 percent over 2019.
However, rental income during 2020 has been negatively impacted 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 QR9.7m, to QR65.1m, compared to the same period in 2019.
