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Marka posts profit despite challenges

Dubai - Financial results reflect the company's continued progress on expanding its operations and income derived from its 2015 acquisitions, delivering Dh87.16 million in total revenue for the period and Dh3.88 million Ebitda on an adjusted basis.

Marka has achieved operational profit in the fourth quarter of 2015 and its top executive said the company is expected to be profitable in 2016.
Financial results reflect the company's continued progress on expanding its operations and income derived from its 2015 acquisitions, delivering Dh87.16 million in total revenue for the period and Dh3.88 million Ebitda on an adjusted basis.
At the same time, acquisition costs of Dh7.22 million and other expenses such as depreciation and interest expenses were recognised, resulting in a net loss of Dh8.38 million reported for the last quarter of 2015.
Khaled Almheiri, vice-chairman and managing director of Marka said: "With numerous acquisitions completed in 2015 and more in the pipeline for 2016, Marka continues to make significant progress on our business plan. Despite the global economic slowdown and its repercussions on the regional retail sector our outlook for 2016 remains positive, and we look forward to Marka becoming profitable in 2016."
In 2015, Marka acquired the sports group Retailcorp UAE from Istithmar World, along with children's edutainment chain Cheeky Monkeys, the world's largest e-retailer of football memorabilia, Icons, the award winning restaurant group Reem Al Bawadi and the Middle East operations of UK-based Morelli's Gelato.
- abdulbasit@khaleejtimes.com