- Approving the Board of Directors' recommendation for the distribution of cash dividends to shareholders at a rate of QAR 0.85 per share.
- 2.1% increase in total gross profit, reaching QAR 560.3 million.
- Reviewing and discussing expansion plans aimed at enhancing Al Meera's presence in new regions across the State of Qatar.
- Electing the members of the Board of Directors for the upcoming term spanning from 2025 to 2027.
Doha, Qatar – 16 April 2025: Al Meera Consumer Goods Company (Q.P.S.C.) convened its Annual General Assembly Meeting for the fiscal year 2024 this Monday, corresponding to 14 April, at Radisson Blu Hotel. The meeting was held with the esteemed presence of members of the Board, Al Meera management, and a significant number of shareholders.
At the commencement of the assembly, Mr. Jassim Al-Surour, Director of Administrative Affairs and Human Resources, extended a warm welcome to all attendees. He conveyed his sincere gratitude and profound appreciation to HH the Amir Sheikh Tamim bin Hamad Al Thani for his visionary guidance and unwavering leadership, which have been instrumental in the continued growth and development of the State of Qatar.
The assembly included reviewing and approving the Board of Directors' report and the company's financial statements for the fiscal year ending December 31, 2024. The company's future strategic plans were also approved. Shareholders granted approval to discharge the Board of Directors from liability and determined their remuneration for the same fiscal year. Furthermore, the assembly ratified the Board's recommendation for cash dividends of 0.85 Qatari Riyals per share. The external auditor's report for 2024 was approved, and the external auditor for the fiscal year 2025 was appointed, with their fees duly determined.
Highlighting the company's strong financial performance in 2024, consolidated sales reached QAR 2.81 billion, and total gross profits increased by 2.1% to QAR 560.3 million compared to the previous year. Revenues from outlet rentals amounted to QAR 79.0 million, resulting in a net profit attributable to shareholders of QAR 183.4 million, equating to earnings per share of QAR 0.89.
Concluding the meeting, shareholders elected the members of the Board of Directors who will serve for the three-year term from 2025 to 2027. The two members who represent Qatar Holding's stake in the Board of Directors of the Company for the next session were appointed by Qatar Investment Authority as follows:
- H.E Mr. Essa Hilal Al Kuwari, Chairman
- Mr. Mubarak Abdulaziz Al Khulaifi, Member
Shareholders also elected the following members:
- Prof. Khalid Ibrahim M B Al-Sulaiti
- Mr. Khalid Hamed A M Al-Hababi
- White Rock Trading and Contracting Company, represented by Shiekh Fahad Falah J J Al-Thani
- Fakhroo Holding Company
- Mr. Tariq Abdullatif H M Al-Jaber
Reflecting on the company’s strong performance in 2024, Al Meera commented: 'In 2024, Al Meera continued to achieve multiple milestones in many areas, particularly for the customer shopping experience, which saw a new concept for shopping in branches that keeps pace with the latest international standards and offers a modern vision for the world of retail. In line with our constant efforts to reach all consumers, embodying our slogan 'Your Favorite Neighborhood Retailer', we opened the new Ain Khaled/Umm Al Seneem branch, featuring a modern design and technological advancements that align with our ambitious strategy for future expansion. We also renovated the Hazm Al Markhiya branch, along with several other branches, to offer customers a variety of sections that meet their growing and diverse needs whilst providing them with a smooth and enjoyable shopping experience. Digital transformation cannot be overlooked in these achievements either, such as the opening of the first self-service smart store, 'Al Meera Smart,' and the introduction of smart shopping carts, a first-of-its-kind in the Middle East. We also expanded the integration of the SAP system into our operational system, which we began implementing in 2023 to manage business and inventory.
'We are enthusiastic about continuing our expansion and development, both digitally and through our physical presence, as well as enriching the in-branch shopping experience. Our priority remains to facilitate consumer access to essential, high-quality goods at competitive prices. We extend our sincere thanks to the outgoing Board members and welcome the new members who will serve from 2025 to 2027, and wish them every success. We also thank our dedicated team for their hard work and efforts to meet the needs of our customers and the dynamic market we serve. Finally, we of course say a huge thank you to our valued customers for their continued loyalty to Al Meera.'
In line with our ongoing efforts to reward our customers, we also continued to elevate Meera Rewards program, placing a strong emphasis on rewarding customer loyalty through valuable points and prizes, exemplified by the highly successful ‘30 Cars in 30 Days’ and the 2024 National Day campaigns, which offered 18 million reward points to customers.
Underscoring its commitment to quality and safety, Al Meera's Warehousing and Distribution Centre was awarded the ISO 22000:2018 certification for Food Safety Management, further validating its dedication to an integrated management system that meets stringent international standards across quality, environmental responsibility, and occupational health and safety.
Al Meera's Annual General Assembly Meeting also outlined the company's ambitious expansion plans for 2025, which are already well underway prior to the release of the 2024 annual report. This includes the successful opening of new branches in Mansoura and Al Thumama South. Furthermore, Al Meera is actively enhancing its digital offerings, with ongoing development of the Meera Rewards app to include more attractive offers, rewards, and an improved user experience, alongside the continued advancement of Al Meera Online, and the strategic expansion of the delivery service to reach new areas across the country.
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