Al Meera Net Profit Fell 2.5% to QR194 Million; Board Recommends 85% in Cash Dividends

February 28, 2018

Al Meera Consumer Goods net profit recorded QR194 million in the fiscal year of 2017, compared to QR199 million for the same period last year. The company’s earnings per share made QR9.70 compared to QR9.96 for the same period in 2016. The Board of Directors recommended the distribution of QR8.5 per share.

The Group’s Comments:

Al Meera’s gross profit from sales rose by 8.9% to QR481.6 million in 2017, while revenues generated by rent and other streams fell slightly to QR85.8 million. In contrast, general and administrative expenses increased by 11.9% to QR311.4 million, and depreciation and amortization increased by 19.7% to QR57.7 million. Adding other expenses, the net profit fell 2.6% to QR194 million, and the comprehensive income dropped to QR163.3 million due to a fair value loss of QR3.8 million.