By Ed Attwood
Retail firm says losses drop to $571,716 as it aims to become profitable at some point next year
Retail firm Marka has announced that its net loss has narrowed to AED2.1 million ($571,716) in the three months ending 30 June, from AED8.3 million in the first quarter.
The company, billed as the first public joint stock retail operator in the UAE, listed on the Dubai Financial Market (DFM) last September, raising AED500 million. Marka has previously said it expects to become profitable at some point next year.
“It is significant for Marka that due to the phased consolidation of our 2015 acquisitions during the second quarter of this year we were able to recognize partial revenue from Marka’s operations for the first time,” said Khaled Almheiri, Marka’s vice chairman and managing director, in a bourse statement.
In August, Marka announced the expansion of the Reem al Bawadi restaurant chain into Sharjah and Ras al Khaimah for the first time.
The company said that it is opening two of the home-grown hospitality brand's outlets in the emirates in the fourth quarter of this year, with November as the expected launch date for each offering.
Marka's expansion of Reem Al Bawadi follows its purchase of the company in May this year for about AED315 million.
The sale was one of the largest food and beverage acquisitions in the UAE for a home-grown hospitality brand.
The firm also acquired Retailcorp UAE (a subsidiary of Dubai World-owned Istithmar World), children’s education outfit Cheeky Monkeys and sports memorabilia retailer Icons over the course of the second quarter.
Marka currently has 34 retail outlets under management, with plans confirmed to add additional locations, bringing the total number to 64 outlets during 2016.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.