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Marka Announces Q3 2016 Financial Results
Marka Announces Q3 2016 Financial Results
  • Strong performance resulting in positive EBITDA of AED 4.2 million
  • Marka operates a total of 53 outlets across all divisions

Dubai, United Arab Emirates – 16 November 2016:  Marka PJSC (DFM: MARKA), the first retail-focused listed company in the UAE, today released its interim financial results for the third quarter of 2016. For the three months ending 30 September 2016, the company reported total revenue of AED 65.9 million, and a positive EBITDA of AED 4.2 million. The results for this quarter reflect the company’s sale in Q3 2016 of a stake in Cheeky Monkeys Playland & Sweet Surprises. 

Khaled Almheiri Vice-Chairman and Managing Director of Marka, said, “Marka continues with its momentum in building a portfolio of exciting and profitable hospitality, fashion/beauty and sports brands in order to deliver sustainable growth and long-term value for shareholders. This is underscored by our busy fourth quarter, where in Dubai we opened a new Reem Al Bawadi restaurant in Global Village, Harper’s BAZAAR Café in City Walk 2, two new Cappucino outlets in Dubai’s new Outlet Village and City Walk 2 to be opened by December 2016, and a new dinh van store in Galleries Lafayette in Dubai.”

Almheiri added, “Despite the slowdown in the retail environment in general, in addition to the decline in the usual activity in this sector during the summer season, and specifically during the months of July, August and September, due mainly to the downturn in tourism as well as it being a time when most of our customers are on vacation, our food and beverage operations continue to be extremely resilient. Our priority is on building the best retail operating company in the Middle East, and we are working towards this with plans to open a dinh van store and Morelli’s store in Mall of Qatar this year, while in January 2017 we have plans so far to open three new Reem Al Bawadi restaurants in the UAE, and a further Modell’s store in Al Ain.

Marka currently operates over 53 outlets across its portfolio of hospitality, sports and fashion/beauty brands. 

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 73200 times
PR Category : Real Estate & Retail
Posted on : Wednesday, November 16, 2016  12:20:00 PM UAE local time (GMT+4)
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