Marka Announces Q3 2018 Interim Financial Results

Monday 19 November 2018
Dubai - MENA Herald:

Marka PJSC (DFM: MARKA), released today its interim financial results for the third quarter of 2018. For the nine months ending 30 Sep 2018, Marka reported a total profit (EBITDA) of AED 5.5 million compared to a reported loss for the same period in 2017 (EBITDA) of AED 88.3 million – the third consecutive operationally profitable quarter for the company.

Mr. Khaled Bin Kalban, Chairman of Marka, commented: “We have taken rigorous steps in terms of restructuring our business over the course of the last 18 months which can now be seen in the consistent positive results. The successful re-negotiation with one of our major lenders, is yet another milestone and puts the company in a strong position ahead of the capital restructure. I am confident that these initiatives will further boost our investors’ confidence in the group and will help us grow steadily.”

Benoit Lamonerie, Group CEO of Marka, said: “The positive results we have seen in the first three quarters of the year are reflective of the progress the group is making, demonstrating that the turnaround strategy is effective despite a challenging retail environment. To continue achieving positive operational results despite the obstacles that a restructure brings, shows that the company has strong foundations that could be built on.

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