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Marka 2016 Financial Results Reveal A Growth Of 35.5% In Total Revenue

Dubai, United Arab Emirates,14 February 2017: Marka PJSC (DFM: MARKA), the first public joint stock retail operator in the UAE, today announced itspreliminary unaudited financial results for the twelve months ending 31 December 2016. Despite a global downturn in the retail sector and an especially weak market in the GCC, Marka today announced that its total revenues for 2016 were AED 291.174 million, which was an increase of over 35% from 2015 revenue figures. Despite the strong increase in total revenues, Marka announced a net operating loss of AED 24.364 million on an adjusted basis for 2016. Khaled Al Mheiri, Vice Chairman and CEO of Markastated that,‘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 underperforming with home-grown concepts and brands that give us higher margins and unique positioning in today’s market.’ Marka’s Board of Directors have decided to continue with the extensive cost-cutting programme it applied throughout 2016 and remain optimistic that with the current strategy of focusing on home grown brands, along with restructuring of the existing portfolio, Marka should be able to show continued revenue growth and achieve profitability by the end of this year.

About Marka PJSC Marka PJSC (DFM: MARKA) is the first public joint stock company focused on the growing retail sector in the UAE. Incorporated with a capital of AED 500 million and headquartered in Dubai, Marka is a premier retail operator targeting the mid-to-high-range and luxury segments. Since incorporation in 2014, Marka has partnered with leading global brands in the retail and hospitality sectors, pursuing a growth strategy focused on acquisitions, franchise agreements and unique home-grown retail concepts. Marka is committed to offering value to its customers through high quality products and services at optimum cost, simultaneously generating value for its shareholders and giving back to the communities in which it operates.

 

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