Dubai-based retail conglomerate Marka PJSC has reported 18.2% rise in total revenue of AED89.5 million during the second quarter of 2016, as compared to the first quarter. The company’s total losses during this period were AED18.72 million, while net operating loss was AED3.83 million.
“Marka has been extremely busy during the second quarter of 2016, launching the world’s first Harper’s Bazaar Café in Dubai Design District (d3) in partnership with Hearst Magazines International, and completing franchise agreements for Reem Al Bawadi restaurants in Kuwait, Bahrain, KSA and Lahore, Pakistan. On behalf of the board of directors, 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,” says Khaled Almheiri, vice chairman and managing director of Marka.
“The strong second quarter 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. With a focus on investing for the company’s future, we have 19 new outlets planned for opening in 2016 – including four Reem Al Bawadi restaurants, three Cheeky Monkeys Playland and Sweet Surprises outlets in the UAE. Our efforts are seeing fruition in building profitable trading platforms for 2017 and beyond,” he adds.
As part of its other regional expansion activities, Marka recently opened its first Reem Al Bawadi restaurant in Bahrain, and earlier announced plans to launch nine franchised outlets of Cheeky Monkeys in Saudi Arabia over the next five years. The company also recently launched its home-grown Italian street-food concept Vicolo in d3.