Marka’s net loss widens to Dh34.48m in 2015

Dubai: Marka’s net loss for 2015 widened to Dh34.48 million, from Dh15.68 million in 2014, according to a statement on the Dubai Financial Market (DFM) on Sunday.

The net loss was due to an acquisition cost of Dh15.3 million and other expenses such as depreciation, interest expenses, the retailer stated.

The company’s revenue reached Dh227.7 million last year, and it swung from a net operating loss of Dh19.14 million in 2014 to a net operating profit of Dh1.11 million.

The company’s assets were valued at Dh1.06 billion last year while shareholders’ equity stood at Dh463.4 million in 2015, down from Dh484.4 million in the previous year.

Nick Peel, chief executive of Marka, said last year that he expects the company to be profitable in 2016.

Marka has been growing its footprint through acquisitions and franchise agreements.

Its portfolio of existing acquisitions include the Reem Al Bawadi restaurant chain, Retailcorp and Cheeky Monkey among others.

The retailer’s fashion portfolio includes French jewellery brand dinh van, ready-to-wear retailer Carven and plus-size brand City Chic.

It recently opened a new Reem Al Bawadi franchise outlet at Al Ain’s Hilli Mall, and launched City Chic at Al Naeem Mall in Ras Al Khaimah.

Marka raised Dh500 million in an initial public offering on the DFM in 2014. The company’s shares were flat at Dh1.28 on Sunday.