Please wait...
GulfBase Live Support
- Alba hits 38 million safe working hours without LTI
- Rolls-Royce shares surge as engine maker lifts outlook
- Gulf Bank concludes the third edition of its 'Fekrety' innovation competition
- AD Ports in deal to develop Egypt crude oil storage network
- Abu Dhabi hotels' revenue tops $185m in May
- NMDC Group revenues hit $3.65bn in H1
- Barq marks 1st year with 7 mln users & SR73 bln in transactions, powering Saudi Arabia's digital shift
- Saudi Arabia Launches New Industrial Projects in Eastern Province
- Amazon profits surge 35% as AI investments drive growth
- Saudi Aramco reduces August propane, butane benchmarks
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
| Ticker | Price | Volume |
|---|
01/08/2025
Aluminium Bahrain B.S.C. (Alba), the world's largest aluminium smelter on one site, proudly celebrates achieving 38 million safe working hours without a Lost Time Injury (LTI) on July 31.
Th
BNA
01/08/2025
In line with its commitment to fostering innovation and creativity, Gulf Bank has successfully concluded the third edition of its internal innovation competition, "Fekrety"2025. The initiative aims t
Kuwait Times
01/08/2025
AD Ports Group, a leading global enabler of trade, logistics, and industry, has signed an agreement with Egypt's Ministry of Petroleum & Mineral Resources; and TCM Project Management, a Dubai-based c
Trade Arabia
01/08/2025
NMDC Group, a global leader in engineering, procurement, construction, and marine dredging, reported a revenue of AED13.4 billion ($3.65 billion) for the first six months of 2025, representing a 10 p
Trade Arabia
01/08/2025
Saudi Aramco has reduced its official selling prices for liquefied petroleum gas for August 2025.
The state energy giant on Thursday set propane at $520 per tonne and butane at $490 per tonn
Arab News
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia