Marka, a leading public joint stock retail operator in the UAE, said it will enter profitablity next year, even as it announced a net loss of Dh2.14 million ($584,092) for the three months ending June 30.

 

The financial results demonstrated significant progress in its business plan with more than 350,000 sq ft of retail space secured and 265,000 sq ft currently in operation, said a statement.

 

The operator completed three acquisitions during the period including award-winning restaurant chain Reem Al Bawadi, Cheeky Monkeys & Sweet Surprises and the world’s largest sports memorabilia company, Icons, it said.

 

The multiple retail launches achieved during Q2 included UEFA Champions League Experience and Taste of Italy by Heinz Beck.

 

Khaled Almheiri, vice-chairman and managing director of Marka, said: “It is significant for Marka that due to the phased consolidation of our 2015 acquisitions during the second quarter of this year we were able to recognise partial revenue from Marka’s operations for the first time. 

 

""With continued progress on our acquisition path and new brand launches across all Marka business divisions – Marka Sports, Marka Hospitality and Marka Fashion - we anticipate that the company will enter profitability in 2016, significantly ahead of the IPO forecast.

 

“The results announced today are consistent with our aggressive business plan to build a world-class retail operating company. Many key milestones were achieved during the second quarter including the addition of three new profitable companies to Marka’s expanding portfolio: Cheeky Monkeys, Reem Al Bawadi and Icons – the world’s largest football memorabilia company.”

 

“The activity in the quarter demonstrates the strong progress we are making towards our stated business objectives,” Almheiri added.

 

In addition to the three completed acquisitions, Marka recently announced the acquisition of the Middle East franchise operations for luxury ice cream chain, Morelli’s Gelato, said the statement.

 

Another addition to its burgeoning food and beverage portfolio earlier this year was renowned restaurant brand Taste of Italy by Heinz Beck, it added. - TradeArabia News Service