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Marka’s Q3 revenue increases to $17.9m

Marka’s Q3 revenue increases to $17.9m

DOHA: Marka, the first retail-focused listed company in the UAE, has reported total revenue of Dh65.9million ($17.9 million), and a positive EBITDA of Dh4.2 million for the third quarter (Q3) of the year. The results for this quarter reflect the company’s sale in Q3 2016 of a stake in Cheeky Monkeys Playland& Sweet Surprises.

Khaled Almheiri, vice-chairman and managing director of Marka, said: “Marka continues with its momentum in building a portfolio of exciting and profitable hospitality, fashion/beauty and sports brands in order to deliver sustainable growth and long-term value for shareholders. This is underscored by our busy fourth quarter, where in Dubai we opened a new Reem Al Bawadi restaurant in Global Village, Harper’s BAZAAR Café in City Walk 2, two new Cappucino outlets in Dubai’s new Outlet Village and City Walk 2 to be opened by December 2016, and a new dinh van store in Galleries Lafayette in Dubai.”

“Despite the slowdown in the retail environment in general, in addition to the decline in the usual activity in this sector during the summer season, and specifically during the months of July, August and September, due mainly to the downturn in tourism as well as it being a time when most of our customers are on vacation, our food and beverage operations continue to be extremely resilient.

“Our priority is on building the best retail operating company in the Middle East, and we are working towards this with plans to open adinh van store and Morelli’s store in Mall of Qatar this year, while in January 2017 we have plans so far to open three new Reem Al Bawadi restaurants in the UAE, and a further Modell’s store in Al Ain,” Almheiri added.

Marka currently operates over 53 outlets across its portfolio of hospitality, sports and fashion/beauty brands.