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15/02/2018 05:44 AST
Marka continued its dismal run of results on Wednesday, with revenues for 2017 plummeting by nearly 68 per cent, and net losses increasing by 44 per cent.
The Dubai Financial Market-listed retailer saw Dh200 million in revenue wiped from its books, as its income dropped from Dh294 million in 2016 to Dh94 million last year.
Marka blamed this loss of revenue on the closure of "various non-profitable stores".
Compounding the company's poor form, Marka saw net losses for 2017 increase to Dh218 million, up from Dh150 million in 2016.
Other key metrics, such as shareholder equity, total assets, and losses per share, were all negative when compared with the previous year.
Last year, Marka embarked on an aggressive cost cutting programme.
In August 2017, Khalid Jasem Bin Kalban, Marka's chairman, said in a statement: "Over the past 12 months, Marka has faced unprecedented changes in the region's retail markets, driven by changing consumer behaviour and geopolitical influences."
Marka had rapidly expanded in previous years against the backdrop of a weakening consumer segment, exacerbated by a low oil price environment, and a drop in tourist spending.
Consequently, the retailer has failed to record a profitable quarter since it was listed on the stock market in 2014.
Gulf News
15/11/2017
Marka released its third quarter financial results on Tuesday, reporting a net loss of Dh22 million, an improvement of sorts given the company's losses of Dh126 million in the second quarter of 2017.
Gulfnews
12/10/2017
Marka, the retailer which started restructuring its business earlier this year, after failing to turn a profit since its 2014 listing in Dubai, plans to sell under-performing assets, restructure its
The National
16/08/2017
Marka, the first retail-focused company listed on the Dubai Financial Market, has reported total revenue of Dh25.48 million ($6.9million) for the second quarter of the year.
Total losses
Trade Arabia
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29/12/2025
As the curtain draws on 2025, National Bank of Kuwait (NBK) has firmly consolidated its position as the most visible and influential Kuwaiti bank across social media platforms. Its digital channels r
Kuwait Times
29/12/2025
Pay10 and Commercial Bank of Dubai has announced the go-live of Open Finance services under the UAE's Open Finance Initiative, AlTareq, marking a significant advancement in the country's transition t
Trade Arabia
29/12/2025
The National Bank of Bahrain (NBB) has been awarded the Citi 2024Straight-Through Processing (STP) Award in recognition of its performance in treasury payment processing.
Based on Citi's ind
Trade Arabia
29/12/2025
Bawan Company, one of the leading industrial groups in Saudi Arabia, has announced that one of its key subsidiaries - Petronash Arabia Company Limited - has received a purchase order for an existing
Trade Arabia
29/12/2025
Sohar International Bank has received approval from the Central Bank of Oman (CBO) to establish a representative office in Hong Kong, marking a key milestone in the bank's international expansion and
Muscat Daily
Financial Information Co.
Saudi Arabia