Dubai, United Arab Emirates – 6 August 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 30 June 2015. The results include the financial results from acquisitions from only half way through period, and indicate a net loss of AED 2,146,000 for the second quarter of 2015.
Q2 Operational Highlights:
Khaled Almheiri, Vice-Chairman and Managing Director of Marka, said: “It is significant for Marka that due to the phased consolidation of our 2015 acquisitions during the second quarter of this year we were able to recognize partial revenue from Marka’s operations for the first time. With continued progress on our acquisition path and new brand launches across all Marka business divisions – Marka Sports, Marka Hospitality and Marka Fashion - we anticipate that the company will enter profitability in 2016, significantly ahead of the IPO forecast.”
“The results announced today are consistent with our aggressive business plan to build a world-class retail operating company. Many key milestones were achieved during the second quarter including the addition of three new profitable companies to Marka’s expanding portfolio: Cheeky Monkeys, Reem Al Bawadi and Icons – the world’s largest football memorabilia company.”
“The activity in the quarter demonstrates the strong progress we are making towards our stated business objectives,” Almheiri added.
Acquisitions consolidated over the course of the period include Retailcorp on 9 May, Reem al Bawadi on 5 May, Cheeky Monkeys on 8 May and Icons on 30 May. The company currently has 34 retail outlets under management, with plans confirmed to add additional locations, bringing the total number to 64 outlets during 2016 and representing a total of more than 350,000 sq. feet of retail space.
In addition to the three acquisitions completed during Q2 2015, Marka recently announced the acquisition of the Middle East franchise operations for luxury ice cream chain, Morelli’s Gelato. Another addition to its burgeoning food and beverage portfolio earlier in 2015 was renowned restaurant brand Taste of Italy by Heinz Beck.
Since listing on the Dubai Financial Market in September 2014, Marka has partnered with leading global brands in the retail, sports and hospitality sectors, pursuing acquisitions, franchise agreements and launching its own home-grown unique brand concepts.
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