Dubai, United Arab Emirates – 13th November 2017: Marka PJSC (DFM: MARKA), released today its interim financial results for the third quarter of 2017. For the three months period ended 30th September 2017, the company reported total revenue of AED 23 million, and a net loss of AED 22 million compared to a total revenue of AED 25 million, and a net loss of AED 126 million in the second quarter of 2017.
The results for this quarter reflect the progress the company is making on its ongoing cost control program – with a reduction of 75% of its General Expenses compared to Q2 2017 from AED 45 million to AED 11 million – as well as strong operational changes that are moving the company towards long term financial improvements.
Marka Chairman, Khaled Jassim Bin Kalban, said: “The Company is maintaining a strict cost control program and making strong operations improvements. With the steady progresses made across all brands, we are in a better position to envisage the future with confidence. The Board of Directors thanks our shareholders, employees, customers and partners for their continued support of our efforts.”
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Marka Holding, listed in the Dubai Financial Market since 2014 is focused on building a diverse portfolio of homegrown concepts, ranging from casual eateries to fine dining establishments. Complementing these homegrown concepts, international F&B brands have sought out the expertise of Marka Holding when seeking to establish a footprint in the region’s growing F&B landscape. A combination of decades of experience in the financial, business development, marketing, real estate and hospitality industries, ensures that each concept has the foundation it needs to guarantee success with our overarching goal to be a leading company in the Middle East’s mid-to-high range F&B sector.
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