Qatar: Al Meera AGM approves cash dividend for 2024
At the commencement of the assembly, 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 Amir H H 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 QR0.85 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 QR2.81bn, and total gross profits increased by 2.1% to QR560.3m compared to the previous year. Revenues from outlet rentals amounted to QR79m, resulting in a net profit attributable to shareholders of QR183.4m, equating to earnings per share of QR0.89.
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 Essa Hilal Al Kuwari, Chairman and Mubarak Abdulaziz Al Khulaifi, Member.
Shareholders also elected the following members: Prof. Khalid Ibrahim M B Al-Sulaiti, Khalid Hamed A M Al-Hababi, White Rock Trading and Contracting Company, represented by Shiekh Fahad Falah J J Al-Thani, Fakhroo Holding Company, 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.'
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.
© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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