Marka announces Q1 2015 financial results
Marka PJSC, the first public joint stock retail operator in the UAE, released its interim financial results last week for the three months ending March 31 this year. The results, which do not reflect recent acquisitions or operational activities, indicate a net loss of AED8,379,000 during the first quarter of 2015.
Khaled Almheiri (left image), 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.”