Retail operator Marka revenue surges by 35%

dubai — Marka, the Dubai-listed retail operator, achieved total revenue of Dh291 million for 2016. This was an increase of over 35 per cent from its 2015 revenue figures.

This was achieved despite a global downturn in the retail sector and an especially weak market in the GCC.

Despite the strong increase in total revenues, Marka announced a net operating loss of Dh24.364 million on an adjusted basis for 2016.

Khaled Al Mheiri, vice-chairman and CEO of Marka, said: “Despite the ongoing difficult market conditions, our optimism in the GCC retail market remains strong and although we incurred losses in the past year, we also took strategic steps to re-evaluate all our operating divisions and our portfolio of brands. We will continue to focus on replacing elements of our business that may be under-performing with homegrown concepts and brands that give us higher margins and unique positioning in today’s market.”

We will continue to focus on replacing elements of our business that may be underperforming with homegrown concepts and brands Khaled Al Mheiri, vice-chairman and CEO of Marka

Marka’s board of directors have decided to continue with the extensive cost-cutting programme it applied throughout 2016.

The retail operator hopes to see continued revenue growth and achieve profitability by the year end with its strategy of focusing on homegrown brands, along with restructuring of its existing portfolio.

— business@khaleejtimes.com