Dubai retail firm Marka has reported total revenue of AED89.5 million ($24.3 million) in the second quarter of 2016, an increase of 18.2 percent compared to the previous quarter.
Total losses reported were AED18.72 million for the three-month period to June 30 which is a generally slower retail season due to the holy month of Ramadan, the company said in a statement.
It added that it plans to open 19 new outlets in the remainer of 2016 including four Reem Al Bawadi restaurants and three Cheeky Monkeys Playland & Sweet Surprises outlets in the UAE.
Khaled Almheiri Vice-Chairman and Managing Director of Marka, said: “Marka has been extremely busy during the second quarter of 2016, launching the world’s first Harper’s BAZAAR Café in Dubai Design District and completing franchise agreements for Reem Al Bawadi restaurants in Kuwait, Bahrain, Saudi Arabia and Lahore, Pakistan.
“I am extremely pleased on the progress the company is making on our business plan to build a portfolio of exciting and profitable hospitality and fashion/beauty brands. Our focus continues to be on building for future growth and delivering long-term value for our shareholders.”
Almheiri added: “Today’s strong Q2 results have been achieved against a backdrop of a challenging retail economy and a slow retail month during the holy month of Ramadan, and reflect our commitment to building the best retail operating company in the Middle East.
“Our efforts are seeing fruition in building profitable trading platforms for 2017 and beyond.”
Marka currently operates over 50 outlets across its portfolio of hospitality, sports and fashion/beauty brands.
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