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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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10/03/2025
Doha Bank introduced a suite of exclusive offers for NRIs on their Visa Platinum Debit Card, delivering exceptional value across travel, lifestyle, dining, and retail. These carefully curated benefit
The Peninsula
10/03/2025
Saudi Awwal Bank has been awarded the Sustainability Program of the Year 2024 at the Capital Markets Forum (CMF), organized by the Saudi Stock Exchange Group (Tadawul).
This achievement make
Saudi Gazette
10/03/2025
Saudi Aramco has lowered its crude oil prices for Asian buyers in April, marking the first reduction in three months. This price cut aligns with market expectations and follows the decision by OPEC+
Arab News
09/03/2025
United Development Company (UDC), the master developer of The Pearl and Gewan Islands, has continued its global track record of accomplishments by securing three new Guinness World Records. This rema
The Peninsula
07/03/2025
Talabat Kuwait has denied rumors of a security breach, assuring customers and partners that all personal and payment information remains fully secure.
In an official statement, Bader Al-Ghan
Trade Arabia
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia