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Marka announces Dh13.58m 3-month loss

Dubai-listed Marka, which is focused on retail and hospitality sector in the UAE, has acquired restaurant chain Reem Al Bawadi for approximately Dh315 million. (File)

By Staff

Dubai-listed Marka, which focus on the retail market in the region, has announced interim financial results for the three months ended on December 31, 2014, posting a loss of Dh13.58 million.

The loss was largely due the one-time costs associated with establishing a new businesses and attracting the portfolio as part of the long-term business plan.

Today’s announcement follows the company’s announcement on January 25, 2015 that it will be opening the world’s first UEFA Champions League Experience, a concept store and fast-casual dining destination in Yas Mall in Abu Dhabi in May 2015.

The company has signed 15 lease agreements representing a combined total of more than 45,000 square feet of retail space.

In Dubai, Marka has secured seven premises in Citywalk II and individual outlets at The Beach by JBR mall in Dubai Marina, and Galleria Mall on Al Wasl Road, and in Abu Dhabi, two premises in Marina Mall and four premises in Yas Mall on Yas Island have been secured.

For 2015, Marka plans to launch more than 25 outlets including UEFA Champions League Experience, Cristiano Ronaldo’s CR7 Footwear, Essentiel Antwerp, Weill, Laurèl, Sonia by Sonia Rykiel, Berenice, Taste of Italy by Heinz Beck and Harper's Bazaar Café. In addition, the company is in the closing stages of acquiring Modell's Sporting Goods franchise from Retailcorp, an Istithmar company.

Khaled Almheiri, Vice Chairman of Marka, said: “With a strong portfolio of brands across sports, fashion and hospitality and 25 outlets planned for opening this year in the UAE, we have a strong foundation in place to be one of the most unique and diverse retailing businesses in the GCC region with a first class management team with international retail expertise.

“Looking ahead, and as we finalize the acquisition of Retailcorp, I am confident in our forecast of being in profit in 2015 - 18 months ahead of our IPO prospectus objective. In addition, we anticipate being able to announce between four and six further profitable acquisitions in the medium term,” he added.

Muheiri further confirmed that to date, Marka successfully opened “Essentiel Antwerp” at The Beach ahead of schedule, and has three outlets at fit out stage in Yas Mall, with “Taste of Italy by Heinz Beck” making good progress at The Galleria.