(MENAFN - Qatar News Agency) Al Meera Consumer Goods Company said on Saturday its net profits rose by 80 percent during the first quarter of 2012, compared to the same period last year.
The retail firm said that the profit increase had been driven by higher sales earnings.
The company said in a statement that net profit rose to QR23.09m, while sales jumped 59 percent to QR351.45m.
Income from shop rentals was up QR7.93m, a 15 percent rise, and other income increased by 17 percent to QR9.23m, the statement added.
General and administrative expenses increased by 48 percent to QR40.31m, it said.
Total equity stood at QR226.38m on a capital base of QR100m.
"Our increasingly aggressive expansion strategy has translated into excellent financial earnings for the company and its shareholders," said Dr Mohammad Nasser Al Qahtani, deputy CEO of Al Meera Consumer Goods Company.
"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," added Dr Al Qahtani.