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Marka, the Dubai-listed retailer which announced a restructuring last year, proposed a capital reduction through cancellation of shares to reduce accumulated losses of more than Dh450m, it said on Sunday in a statement to the Dubai Financial Market, where its shares are listed.
The company also proposed raising issued share capital up to Dh250m through the issuance of new shares, subject to adoption of the capital reduction. It didn't provide details about the number of shares to be issued or the pricing.
Both recommendations are subject to approval by shareholders at Marka’s annual general meeting on April 30. In February, 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.
Last October, the company’s 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.
“We expect to see positive outcomes from these activities during the remainder of 2017 and beyond,” chairman Khaled bin Kalban told The National in October.
However, the company in February reported that last year's net loss widened to Dh218.3m 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 of last year.
Total revenues stood at Dh94.3 million for the year ended 31 December 2017, compared to Dh294.1m in 2016. 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.
It operates several 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.
Marka, the retailer listed on Dubai’s stock exchange, say that despite a “challenging regional operating environment,” the company expects to announce its first profitable quarter ever.
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
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.
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