Dubai-Mubasher: Retail operator Marka continues to make significant progress on its business plan, on the back of its numerous acquisitions completed in 2015 and more in the pipeline for 2016, said the company’s Vice Chairman and Managing Director Khaled Almheiri.
Marka reported strongest quarterly results for it to date, as the company turns operationally profitable in the fourth quarter of 2015.
Almheiri noted that “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.”
The company’s results reflect its 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 Q4-15.
Marka acquired the sports group Retailcorp from Istithmar World, along with the leading children’s edutainment chain Cheeky Monkeys, ICONS, Reem Al Bawadi and Morelli’s Gelato. With all these acquisitions and the organic growth, Marka currently operates 46 stores with over 1,100 employees across the organisation.
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 Q1-16.
