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Al Meera Consumer Goods Q1 profit climbs 10.2% YOY

Al Meera Consumer Goods Co. Q.S.C. said its normalized net income for the first quarter was 1.35 Qatari riyals per share, a gain of 10.2% from 1.22 riyals per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 27.0 million riyals, an increase of 10.2% from 24.5 million riyals in the prior-year period.

The normalized profit margin fell to 4.8% from 4.8% in the year-earlier period.

Total revenue grew 11.0% year over year to 564.1 million riyals from 508.4 million riyals, and total operating expenses grew 11.0% from the prior-year period to 520.4 million riyals from 469.0 million riyals.

Reported net income increased 10.0% on an annual basis to 43.1 million riyals, or 2.15 riyals per share, from 39.2 million riyals, or 1.96 riyals per share.

As of April 24, US$1 was equivalent to 3.64 Qatari riyals.