Dubai, United Arab Emirates 15 February 2016: Marka PJSC (DFM: MARKA), the first public joint stock retail operator in the UAE, today announced the preliminary unaudited financial results for the three months ending 31st December 2015.
Today’s results reflect the company’s continued progress on expanding its operations and income derived from its 2015 acquisitions, delivering AED 87.16 million in total revenue for the period and AED 3.88 million EBITDA on an adjusted basis. At the same time, acquisition costs of AED 7.22 million and other expenses such as depreciation and interest expenses were recognized, resulting in a net loss of AED 8.38 million reported for Q4 2015.
Khaled Almheiri, Vice Chairman and Managing Director of Marka said: “With numerous acquisitions completed in 2015 and more in the pipeline for 2016, Marka continues to make significant progress on our business plan. We are pleased to report on our strongest quarterly results for the company to date, as the company turns operationally profitable in Q4. Despite the global economic slowdown and its repercussions on the regional retail sector our outlook for 2016 remains positive, and we look forward to Marka becoming profitable in 2016.”
In 2015, Marka acquired the sports group Retailcorp UAE LLC from Istithmar World, along with the leading children’s edutainment chain Cheeky Monkeys, the world’s largest e-retailer of football memorabilia, ICONS, the award winning restaurant group Reem Al Bawadi and the Middle East operations of UK-based Morelli’s Gelato. With all these acquisitions and the organic growth, Marka currently operates 46 stores with over 1,100 employees across the organization.
Marka Hospitality launched Taste of Italy by award-winning Michelin Chef Heinz Beck at Galleria Mall in Jumeirah, and will launch the first Harper’s Bazaar Cafe in the new Dubai Design District in Q1 2016. Since the acquisition of Reem Al Bawadi, Marka has signed 4 franchise agreements for Reem Al Bawadi as well as opened 2 new stores, with 6 new stores planned to open in the next 12 months. Marka Hospitality is looking to further expand Morelli’s Gelato through the GCC with 5 new stores expected to open in the near future.
Marka Sports division launched the world’s first UEFA Champions League Experience at Yas Mall Abu Dhabi in partnership with UEFA. With the acquisition of Retailcorp, Marka Sports is significantly investing in Modell’s shopping experience improvement. Similarly, Cheeky Monkeys continue to demonstrate very strong performance, and further growth is planned in the coming years with 4 new locations in the pipeline.
Marka Fashion recently added City Chic, a modern, contemporary extended- sized brand for women and Paris- based ready-to-wear fashion brand Carven to its extensive portfolio. In addition, the company has acquired its first jewelry brand, dinh van, and successfully launched its first store in Dubai at City Walk phase II. The company has also created a presence in the region for fashion names with its opening of mono-branded stores for Essentiel Antwerp, Weill and Laurèl.
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