Al Meera Consumer Goods Company Q.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.
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