Marka's Q2 2015 results show US $0.58mn net loss
Marka PJSC (DFM: MARKA), the first public joint stock retail operator in the UAE, released its interim financial results for the three months ending 30 June 2015.
The results include the financial results from acquisitions from only half way through period, and indicate a net loss of AED 2,146,000 (US $584,271.55) for the second quarter of 2015.
Three acquisitions completed during the period include restaurant chain Reem Al Bawadi, Cheeky Monkeys & Sweet Surprises and the world's largest sports memorabilia company, Icons.
Multiple launches during Q2 2015 included UEFA Champions League Experience, and the restaurant 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."
He added: "The activity in the quarter demonstrates the strong progress we are making towards our stated business objectives."
In addition to the three acquisitions completed during Q2 2015, Marka recently announced the acquisition of the Middle East franchise operations for luxury ice cream chain, Morelli's Gelato. Another addition to its food and beverage portfolio earlier in 2015 was Taste of Italy by Heinz Beck.
The company now operates 34 retail outlets, which will increase to 64 outlets during 2016.