- Corporate restructuring program underway
- Exiting underperforming businesses
- Regional expansion for strong F&B portfolio
Dubai, United Arab Emirates: Marka PJSC (DFM: MARKA), the first retail-focused company listed on the Dubai Financial Market, today released its audited financial results for the second quarter ending 30th June 2017. The company reported total revenue of AED 25.48 million. Total losses reported for the period were AED 125.97 million, attributed to the company’s restructuring program currently underway; however, net operating loss from Q2 2017 was AED 35.90 million.
Mr. Khaled Jassim Bin Kalban, Marka Chairman, said: “Over the past 12 months, Marka has faced unprecedented changes in the region’s retail markets, driven by changing consumer behaviour and geopolitical influences. As a result, the company is restructuring its divisions and exiting underperforming businesses. Our focus moving forward is on the local and regional growth potential of our strong portfolio of F&B brands. The results announced today reflect the efforts of the company’s restructuring program, which will result in a lean and efficient company with profitable assets.”
About Marka:
Passionate about hospitality and providing exceptional dining experiences, we develop relationships with leading F&B brands to deliver only the very best products and services. Our operational strategy is based around franchise agreements, unique F&B concepts, and carefully considered acquisitions with some of the world’s most exciting and dynamic brands. Our commitment to corporate governance underpins our operations, making us a partner of choice for international brands seeking to establish a footprint in the region’s growing F&B landscape. Our overarching goal is to be the leading company in the Middle East’s mid-to-high range F&B sector. In addition to building value for our shareholders, we place a special focus on ensuring that our employees are happy, productive and dedicated ambassadors for Marka. Everything we do is underpinned by a dedication to serving the communities in which we operate.
