Consumer Goods Company (Al Meera) Holds its Annual General Assembly Meeting…

  • HE Abdulla Bin Khalid Al Qahtani provides a new standard for convenient shopping for all members of society
  • Construction is complete for 9 new shopping malls in 2014, and work is under way to build 14 new malls
  • Continuing to strategically invest in the refurbishment of our branches
  • Refurbished branches in Oman are of the same standards as those in Qatar
  • Establishment of a centralized logistics distribution facility in Qatar

Al Meera Consumer Goods Company (QSC) held its Annual Ordinary General Assembly on Tuesday, March 31, 2015 at the Diplomatic Club in Doha, in the presence of HE Abdulla Bin Khalid Al Qahtani, Chairman of the Board of Directors, as well as members of the Board of Directors, shareholders and investors. All items on the agenda were discussed , such as hearing and approving the Board’s Report and the Corporate Governance Report for the year ended December 31, 2014, also discussing and approving the Company’s future business plans .

This also came in line with hearing the External Auditor’s Report of the year ended December 31, 2014.

The Assembly approved the Board of Directors’ proposal on the distribution of cash dividends of QR (9) per share which is equivalent to 90% of the nominal share value for the year 2014.

Also, the Board of Directors were discharged from liabilities and the Assembly approved their remuneration for the year ended December 31, 2014.

Finally, they agreed on awarding the tender for fishery section in the Gulf Mall and Muraikh to Aldalup Sea Food Company, which is managed by its director, Mr. Ahmed Abdullah Al Khulaifi, who is also a member of the Board of Directors, and on the appointment of external auditors for the year 2015 and determined their fee.

During his speech, Abdulla Bin Khalid Al Qahtani, Chairman of Al Meera Consumer Goods Company (QSC) said: “On behalf of the Board of Directors, I am honored and pleased to present to you, our valued shareholders, Al Meera Group’s Annual Report for the year ended December 31, 2014, which has been another year of significant achievements and record performance.

He added: “The year 2014 witnessed the construction and completion of nine new shopping malls located at Muraikh, Al Azizia, Muaither, Jeryan Nejaima, Thakhira, Al Wakra, Al Thumama, Al Wajba, Rawdat Ekdeem, to fulfill the different daily needs of Qatar’s residents wherever they are.”

He pointed out that each shopping mall includes a contemporary Al Meera supermarket, shopping outlets and a number of restaurants to promote new standards of a comfortable shopping experience to the community.

“The aim of the expansion is to further expand our reach to more local communities in Qatar. We have 14 additional new malls in Qatar, indeed the construction of some of these malls have already started”. He then said: “The sites of these malls are located in Sailiya North, Umm Salal, Leabaib 1, Leabaib 2, Bu Sidra, Al Wakra2, Rawdat Aba El-Herran, Azghawa, Al Khor, Um Qarn, Rawdat Al Hamama, Jeryan Junaihat, Al Sailiya, and Ain Khaled.”

He added: “It is anticipated that Al Meera supermarkets and convenience stores in these fourteen (14) additional malls will increase Al Meera’s store space by another 32,500 SqM, to over 100,000 SqM, from 72,500 SqM which is in line with our planned expansion strategy.”

Regarding Al Meera’s strategic partnership, the Chairman said: “On September 21, 2014, Al Meera Consumer Goods Company (Q.S.C.), together with its partners, Regency Group Holding W.L.L. and Aramex Regional L.L.C., Dubai – UAE, incorporated a logistics company named, “Aramex Logistics Services Co. L.L.C.” to develop and operate a logistics facility and services business in Qatar.”

He added: “We would like to extend our sincere thanks to you, our valued shareholders, for your continuous commitment and support to enable Al Meera to achieve strong growth and performance. Our thanks are also extended to the executive management and staff of Al Meera for their hard work, perseverance and dedication. We ask Allah Almighty and Exalted to guide us in accomplishing our commitments to our beloved country, our stakeholders, and our customers as we moved forward to building a sustainable future.”

Board of Directors’ Report

According to the Board of Directors’ Report, 2014 was another year of outstanding growth and achievements in construction milestone, operations and financial results.

Strategic Investment in Qatar

According to the report: “This has been a historical year for Al Meera in construction milestone. In line with the expansion strategy set by your Board, the Company has invested and successfully completed construction of nine new community malls in the State of Qatar during the year. We have another 14 malls underway.”

The report added: “These new community malls, with Al Meera supermarkets and convenience stores as anchor, are our commitment to our valued customers to bring stores to their communities to make shopping easier, convenient and fun. When completed, Al Meera will have community malls serving 56 communities through the State of Qatar.”

Store Refurbishment is one of Al Meera’s Strategies

With regards to store refurbishment, the report indicated: “To keep abreast with the ever-changing consumer behavior and shopping habits, we have invested and will continue to invest strategically in store refurbishment.”

It added: “In 2014, we completely refurbished our supermarkets in Azghawa and Mamoura. In Hazm Al Markhiya we even went further. In additional to the supermarket, we have redone the façade of the mall to give it a totally modern “look and feel” and are currently renovating the entire mall area. When completed, the mall area will house several new retail shops, two extra restaurants and a coffee shop.”

Plans are underway to carry out similar refurbishment and renovation of our flagship mall in Mansoura.

The report indicated that over the past four years, our investment in property and equipment has increased more than five-folds. As at December 31, 2014 the value of our property and equipment assets stood at QAR 588 million compared to QAR 109.7 million as at December 31, 2010.

Investing in the Future is essential to keep ahead of competition. Increasing store space is necessary to ensure Al Meera remains tomorrow’s leading retailer.

Store Refurbishment in Oman

Regarding store refurbishment in Oman, the report mentioned: “To align Oman’s business model to that of Al Meera Qatar, we refurbished three of the largest stores we acquired in 2013 – Azaiba (5,500 SqM), Barka (3,500 SqM) and Sohar (2,500 SqM) – and converted each into a community mall.”

It added: “This move has brought the operations in Oman into profit. Like the community malls in Qatar these new refurbished community malls offer our customers a modern Al Meera hypermarkets and a selection of well-known retail shops, restaurants and fast food outlets to meet their daily needs.”

Incorporation of Aramex Logistics Services Co. L.L.C.

On the incorporation of the Aramex Logistics Service, the report said: “The requirement to have a professionally managed centralized logistics distribution facility with highly sophisticated logistics and supply chain systems and controls, becomes more apparent as we extend our foothold into many new communities throughout Qatar.

It also mentioned: “To ensure all our stores are always adequately stocked with minimum risk of overstocking, Al Meera Consumer Goods Company teamed up with Regency Group Holding and Aramex Regional, Dubai – UAE and incorporated “Aramex Logistics Services Co. L.L.C.” to professionally manage our logistics and supply chain processes.”

The report indicated that the new logistics company is owned: 51% by Al Meera, 39% by Regency and 10% by Aramex.

The logistics facility, to be built on a 91,000 SqM plot of land south of Doha, will have ambient temperature and temperature controlled storage facilities. Besides warehousing services, the facility will provide other logistical services such as domestic trucking, customs clearance, and express and freight services to Al Meera as well as third parties. Logistics management is crucial to our successful planning and implementation of plans to meet the expansion of Al Meera.