(The Group’s Comments) Al Meera's Net Profit Rises to QAR 95 Million for the First Half of 2019

 

August 07, 2019

 

Profits: Al Meera Consumer Goods’ net profit, after excluding minority interest, amounted to about QAR 95.0 million for the first half of 2019, compared to QAR 93.3 million for the first half of 2018, up by 1.8%, while its earnings per share reached QAR 0.47, similar to the corresponding period of 2018. As for the second quarter, Al Meera posted a net profit of QAR 65.0 million, virtually unchanged compared to the profits of the first half of 2018.

 

Revenues: the company's sales during the first quarter of 2019 increased by 1.12% to QAR 1,581.0 million, compared to QAR 1,563.4 million for the same period last year, and the total profit (sales - costs) climbed to QAR 257.1 million, versus to QAR 250.1 million for the first half of 2018. The ratio of sales costs to sales constitute about 84%.

 

Expenses: general and administrative expenses decreased by 15% to QAR 149.2 million in the first half of 2019, compared to QAR 170.5 million for the same period in 2018, while depreciation and amortization expenses increased by about QAR 21 million, as well as financing costs by about QAR 6 million due to the application of Standard No. 16.

 

Comprehensive Income: Al Meera recorded an assessment profit for the first half of 2019 of about QAR 4.6 thousand compared to about QAR 6.1 million for the first half of 2018.