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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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Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa, has delivered a 3.8% year-on-year revenue growth, reaching AE
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Abraj Energy Services has signed a contract with BP Oman to provide a drilling rig for operations in Block 61, with the rig expected to become operational in the fourth quarter of 2025.
The
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16/05/2025
Commercial Bank, a leader in innovative digital banking solutions, has unveiled its all-new Corporate Mobile Banking App, setting a new standard for business banking in the region.
This stat
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Emirates NBD is rolling out a new AI-driven solution to strengthen its compliance checks on payments and trade transactions, as part of a wider effort to improve safety, speed, and transparency in fi
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In line with its leading and responsible role in the banking industry, National Bank of Kuwait continues to advance confidently towards building a sustainable future by implementing its environmental
Kuwait Times
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