Marka Holding Announces Third Quarter 2017 Financial Results

Marka PJSC (DFM: MARKA), released today its interim financial results for the third quarter of 2017. For the three months period ended 30^th September 2017, the company reported total revenue of AED 23 million, and a net loss of AED 22 million compared to a total revenue of AED 25 million, and a net loss of AED 126 million in the second quarter of 2017.

The results for this quarter reflect the progress the company is making on its ongoing cost control program – with a reduction of 75% of its General Expenses compared to Q2 2017 from AED 45 million to AED 11 million – as well as strong operational changes that are moving the company towards long term financial improvements.

Marka Chairman, Khaled Jassim Bin Kalban, said: “The Company is maintaining a strict cost control program and making strong operations improvements. With the steady progresses made across all brands, we are in a better position to envisage the future with confidence. The Board of Directors thanks our shareholders, employees, customers and partners for their continued support of our efforts.”