Marka PJSC, the first public joint stock retail operator in the UAE, released its interim financial results for the three months ending 31 March 2015.
The results, which do not reflect recent acquisitions or operational activities, indicate a net loss of AED 8,379,000 during the first quarter of 2015.
Q1 Operational Highlights:
• Completed acquisition of Retailcorp UAE Ltd. (and in April 2015 assumed management responsibility)
• Added 155,985 square feet of retail space across the UAE to its portfolio with Retailcorp acquisition
• Completed acquisition of 60 per cent stake in Cheeky Monkeys Playland & Sweet Surprise – including four facilities at Al Barsha, Mirdif, Jumeirah Beach Residence and J3 Mall in Dubai
Khaled Almheiri, Vice-Chairman and Managing Director of Marka, said “The results we announced for the first quarter of 2015 are in line with the commitments made to our investors during our IPO. During the first quarter of this year, Marka achieved major milestones including the completion of two acquisitions, with significant progress on additional deals which we expect to close by Q3 2015.”
“Once the acquisitions completed during the period are consolidated, we anticipate that the company will enter profitability within 2016, significantly ahead of the IPO forecast,” Almeheiri added. “Marka continues to make progress on our business plan and achieve significant milestones across all three business divisions – Marka Sports, Marka Fashion and Marka Hospitality. We are currently operating four fashion outlets and 15 sporting goods stores and will be launching our flagship concepts, ‘Taste of Italy by Heinz Beck’ in Dubai and the world’s first ‘UEFA Champions League Experience’ in Abu Dhabi during the second quarter of 2015.”
Marka is a Dubai-based retail operating company that is committed to partnering with exciting, world-renowned and local brands across sports, fashion and hospitality. Marka shares began trading on 25 September 2014 after a highly-successful IPO on the Dubai Financial Market.