Marka reports loss of Dh13m, but expects return to profit this year

Marka last year became the first entity to list on the Dubai Financial Market in five years.

The retail group Marka has reported a loss of Dh13.6 million for the fourth quarter of last year, ahead of the start of operations this year.

The company expects to return to profit by the end of this year via a series of start-ups and acquisitions, its chief executive Nick Peel said last month.

Marka acquired Dubai World's retail unit Retailcorp UAE in late December from Istithmar for Dh220m. The purchase of the company, which was not reflected in the quarterly results, gives Marka ownership of 15 sports shops in malls across the UAE, with rights to sell brands that include Nike, Reebok and adidas.

Marka, which was incorporated last June, aims to expand the network of the sporting goods outlets, under the brand name of Modell’s Sporting Goods in the UAE and across the region.

The company last month announced plans to open a Champions League Experience concept shop in Abu Dhabi’s Yas Mall in May, with plans to grow the concept across the GCC and beyond in the near term.

The company last year became the first entity to list on the Dubai Financial Market in five years. Its shares closed yesterday down 2.14 per cent at Dh1.37 each.

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