Marka, the Dubai-listed retailer which announced a restructuring last year, widened its loss last year as revenues fell 68 per cent “due to closure of various non-profitable stores”.
Net loss last year reached Dh218.3 million compared with a net loss of Dh150.9m a year earlier, with the bulk of losses (Dh153m) attributed to the first half of 2017 and Dh65m in the second half, the company said on Wednesday in a statement to the Dubai Financial Market.
Total revenues stood at Dh94.3 million for the year ended 31 December 2017, compared to Dh294.1m in 2016. Marka did not disclose how many stores it closed in 2017.
Marka posted deepening losses for 2017 despite starting a restructuring programme last year after failing to turn a profit since listing on the Dubai stock exchange in 2014.
Marka expanded into retail, food and beverage and children’s entertainment outlets in recent years but has been impacted by falling disposable income levels in the UAE.
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Read more:
[ Marka revenues fall but loss narrows ]
[ Marka shareholders back restructuring efforts at retailer ]
[ Marka woes deepen as restructuring continues ]
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Last October, its shareholders backed restructuring efforts that commenced earlier in the year, including plans to sell under-performing assets, restructure debt and contain the company’s costs.
"Over the past few months Marka has restructured its divisions, exited under-performing businesses, and applied a strict cost control programme across the company," chairman Khaled Bin Kalban told The National in October.
“We expect to see positive outcomes from these activities during the remainder of 2017 and beyond,” he added.
Total assets shrunk by 28 per cent to Dh752.7m in 2017 from Dh1.04bn in 2016, it said on Wednesday.
The company operates a number of fashion, hospitality and sports retail brands, including Carven, Essentiel Antwerp, food and beverage chain Reem Al Bawadi, Morelli’s Gelato and Taste of Italy by Heinz Beck.
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Company profile
Name: Tabby
Founded: August 2019; platform went live in February 2020
Founder/CEO: Hosam Arab, co-founder: Daniil Barkalov
Based: Dubai, UAE
Sector: Payments
Size: 40-50 employees
Stage: Series A
Investors: Arbor Ventures, Mubadala Capital, Wamda Capital, STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and AB Accelerator.
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Mohammed bin Zayed Majlis
Results
2.15pm: Maiden (PA) Dh40,000 1,200m
Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).
2.45pm: Maiden (PA) Dh40,000 1,200m
Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.
3.15pm: Handicap (PA) Dh40,000 2,000m
Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.
3.45pm: Handicap (PA) Dh40,000 1,000m
Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.
4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.
Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.
54.45pm: Handicap (PA) Dh40,000 1,700m
Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.
The five pillars of Islam
Company profile
Company name: Shipsy
Year of inception: 2015
Founders: Soham Chokshi, Dhruv Agrawal, Harsh Kumar and Himanshu Gupta
Based: India, UAE and Indonesia
Sector: logistics
Size: more than 350 employees
Funding received so far: $31 million in series A and B rounds
Investors: Info Edge, Sequoia Capital’s Surge, A91 Partners and Z3 Partners
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
Results:
5pm: Maiden (PA) Dh80,000 1,400m | Winner: Eghel De Pine, Pat Cosgrave (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m | Winner: AF Sheaar, Szczepan Mazur, Saeed Al Shamsi
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA) Group 3 Dh500,000 1,600m | Winner: RB Torch, Fabrice Veron, Eric Lemartinel
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (TB) Listed Dh380,000 1,600m | Winner: Forjatt, Chris Hayes, Nicholas Bachalard
7pm: Wathba Stallions Cup for Private Owners Handicap (PA) Dh 70,000 1,400m | Winner: Hawafez, Connor Beasley, Ridha ben Attia
7.30pm: Handicap (PA) Dh 80,000 1,600m | Winner: Qader, Richard Mullen, Jean de Roaulle