Qatari retail firm Al Meera Consumer Goods Company said its net profit for the first quarter surged 80 per cent to hit QR23.09 million ($6.34 million), boosted by higher sales earnings.

Announcing the first quarter results, Al Meera Consumer Goods Company deputy CEO Dr Mohammad Nasser Al Qahtani said the company sales grew 59 per cent to QR351.45 million.

The cost of sales rose 54 per cent to QR297.16 million, resulting in a 91 per cent growth in gross profit which rose to QR54.29 million, he stated.

Dr Al Qahtani pointed out that the double digit profits in first half were in continuation of the extraordinary growth that Al Meera had been recording ever since its expansion strategy kicked into full gear late last year.

According to him, the company's income from shop rentals was QR7.93 million, up 15 per cent over last year and other income increased by 17 per cent to QR9.23 million, translating to a 66 per cent increase in operating income to QR71.46 million.

The general and administrative expenses increased by 48 per cent to QR 40.31 million and the company sustained a finance cost of QR3.08 million.

Total equity stood at QR226.38 million on a capital base of QR100 million and earnings-per-share was QR2.31 at the end of March 31, 2012.

“Our increasingly aggressive expansion strategy has translated into excellent financial earnings for the company and its shareholders,” remarked Dr Al Qahtani.

“Of course, this will only drive the company to carry on with its plans to which everybody – shareholders, customers, and all general stakeholders – will benefit from,” he added.-TradeArabia News Service