Marka PJSC, the first retail-focused listed company in the UAE, released its audited full year 2016 financial results.
For the 12 months ending 31 December 2016, Marka reported total revenue of AED 294 million, an increase of 36.89 % over the full year results for 2015.
The results reflect an EBITDA of AED -26.6 million for 2016.
The company reported a net loss of AED 150 million mainly due to the depreciation of the fixed assets, servicing the debt and the impairment of the goodwill which arose on various acquisitions over the prior years.
Khaled Al Mheiri, Vice-Chairman and CEO of Marka (profile), said, “2016 was an extremely challenging year for the region’s retail sector, and in particular during the fourth quarter of the year. Throughout 2016 we had in place a strict program of cost control across the company which will continue into 2017, and our strategic focus will continue to be on building long-term value for our shareholders and building a world-class retail-focused company.”
Al Mheiri added, “Despite the results, we are very happy with the outcome of the restructuring of our hospitality division, which is proving to be resilient in today’s challenging operating environment, and is in an extremely good position for growth in the future. 2017 will be an exciting year for Marka — especially for its food and beverage brands — where we have further expansion planned including new outlets and franchise agreements across the Middle East.”
Marka currently operates 47 hospitality, fashion and beauty and sports outlets across the region.
Marka PJSC is the first public joint stock company focused on the growing retail sector in the UAE. 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. Since incorporation in 2014, the company has partnered with leading global brands in the retail and hospitality sectors, pursuing a growth strategy focused on acquisitions, franchise agreements and unique home-grown retail concepts.