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Al Meera Consumer Goods Q2 profit falls YOY

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Al Meera Consumer Goods Q2 profit falls YOY

Al Meera Consumer Goods Co. Q.S.C. said its normalized net income for the second quarter amounted to 1.80 Qatari riyals per share, a decline of 21.7% from 2.30 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 36.1 million riyals, a decrease of 21.7% from 46.1 million riyals in the year-earlier period.

Total revenue grew 14.5% on an annual basis to 659.3 million riyals from 575.8 million riyals, and total operating expenses rose 9.3% year over year to 616.5 million riyals from 564.0 million riyals.

Reported net income fell 21.5% on an annual basis to 57.8 million riyals, or 2.89 riyals per share, from 73.6 million riyals, or 3.68 riyals per share.

As of Aug. 7, US$1 was equivalent to 3.64 Qatari riyals.