Dubai, United Arab Emirates – 7 May, 2015 - Marka PJSC (DFM: MARKA), the first public joint stock retail operator in the UAE, today released its interim financial results for the three months ending 31 March 2015. The results, which do not reflect recent acquisitions or operational activities, indicate a net loss of AED 8,379,000 during the first quarter of 2015.
Q1 Operational Highlights:
Khaled Almheiri, Vice-Chairman and Managing Director of Marka, said “The results we announced for the first quarter of 2015 are in line with the commitments made to our investors during our IPO. During the first quarter of this year, Marka achieved major milestones including the completion of two acquisitions, with significant progress on additional deals which we expect to close by Q3 2015.”
“Once the acquisitions completed during the period are consolidated, we anticipate that the company will enter profitability within 2016, significantly ahead of the IPO forecast,” Almeheiri added. “Marka continues to make progress on our business plan and achieve significant milestones across all three business divisions – Marka Sports, Marka Fashion and Marka Hospitality. We are currently operating four fashion outlets and 15 sporting goods stores and will be launching our flagship concepts, ‘Taste of Italy by Heinz Beck’ in Dubai and the world’s first ‘UEFA Champions League Experience’ in Abu Dhabi during the second quarter of 2015.”
Marka is a Dubai-based retail operating company that is committed to partnering with exciting, world-renowned and local brands across sports, fashion and hospitality. Marka shares began trading on 25 September 2014 after a highly-successful IPO on the Dubai Financial Market.
About Marka PJSC
Marka PJSC (DFM: MARKA) is the first public joint stock company focused on the fast growing retail sector in the UAE. Incorporated with a capital of Dhs 500 million and headquartered in Dubai, Marka is a premier retail operator targeting the mid-to-high-range segments in sports retail, fashion and hospitality. Since incorporating in 2014, Marka has partnered with leading global brands in the retail and hospitality sectors, pursuing a growth strategy focused on acquisitions, franchise agreements and unique retail concepts.
Marka is committed to offering value to its customers through high quality products and services at optimum costs, simultaneously generating value for its shareholders and giving back to the communities in which it operates.
For further information about Marka and to learn more about our brands, visit www.markaholding.com
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