Marka Announces Q1 2016 Financial Results
Dubai, United Arab Emirates – 12 May 2016: Marka PJSC (DFM: MARKA), the first retail-focused listed company in the UAE, today released its interim financial results for the first quarter of 2016. For the three months ending 31st March 2016, the company reported total revenue of AED 75,730 million. Total losses reported for the period were AED 18,138 million, however the net operating loss for Q1 2016 was AED 4,979 million.
Khaled Almheiri Vice-Chairman and Managing Director of Marka, said, “Despite the challenging economy as a backdrop to its operations, Marka continues to make progress on its business plan to build a portfolio of exciting and profitable hospitality and fashion/beauty brands. With the competent leadership of our Board of Directors and our experienced team of hospitality and retail experts, I am confident about our ability to deliver long-term value for our shareholders and improved results for the remainder of 2016.”
For 2016, Marka is planning to open four new Reem Al Bawadi restaurants, three new Cheeky Monkeys Playland & Sweet Surprises outlets, and one Modell’s Outlet in Al Ain. These openings planned for the year follow the company’s recent announcement of its first move outside of the UAE that will see it launch Morelli’s Gelato ice cream, fashion brands City Chic and Weill, and jewelry house dinh van in Qatar during Q3 2016, as well as an announcement of an agreement to launch ten franchised outlets of Cheeky Monkeys in Saudi Arabia over the next five years.
Operational Highlights, Q1 2016:
Marka currently operates 50 outlets across its portfolio of hospitality and fashion/beauty brands. Over the next two years, the company is planning to double this number.
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