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Marka posts AED 75mn revenues in Q1

Marka announces Q1 financiasl reports (1)

 

Sunaina Rana / Emirates Business

The UAE’s retail market was ranked as the most attractive market in the Middle East and eighth globally in 2015. However, challenging economy has not left the sector untouched.
Emirates first public joint stock company, Marka, has announced its Q1 2016 financial report. The UAE’s first retail-focussed company reported total revenue of AED 75,730 million in the first quarter of 2016. For the three months ending March 31, 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, told Emirates Business, “Marka aims to make progress on the future corporate plans, though, the challenging economy has been of quite a concern in the backdrop. For the year forward, Marka has built a portfolio of exciting and profitable hospitality and fashion/beauty brands.”
Incorporated with a capital of AED 500 million and headquartered in Dubai, Marka is a premier retail operator targeting the mid-to-high-range and luxury segments.
Marka is committed to offering value to its customers through high quality products and services at optimum cost, simultaneously generating value for its shareholders and giving back to the communities in which it operates.
According to Alpen Capital report, in 2013 the UAE accounted for a majority of the completed modern retail sales area at 40.4%, followed by Saudi Arabia at 35.8%. The other countries in the region are gradually adopting the modern shopping retail format.
“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,” said Almheiri.
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. Following which the 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.
The UAE retail market is expected to be valued at $53.7 billion in 2016, up 7 per cent over 2015, a lower rate compared to 8 per cent projected for 2015, according to data from consultancy Euromonitor International.

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