Marka, which has complete rights to produce and sell Real Madrid products in the Gulf region, has reported overall revenue of AED99.6 million and a total loss of AED242.1 million ($65.8 million) for 2017.
The struggling retailer, which is starting on an in progress cost control program, has failed to turn a gain since being established in 2014.
The company stated that the results for 2017 indicate the progress made on the company’s restructuring programme and a challenging regional running environment in which the company has been functioning.
Khaled Jassim Bin Kalban, Marka chairman stated, “Today, Marka is a very different company from what it was 12 months ago. Over the past year, the company has focused on exiting unprofitable businesses and building a leaner, more effective operational structure in order to grow our profitable business lines.”
He also mentioned that, “I’m confident that with 2017 behind us and a clear focus on meeting the changing demands of our customers, the company is in a very strong position to develop value for its shareholders. The board of directors thanks Marka’s shareholders, employees, customers and partners for their continued support over the past year.”
Last October, at its General Assembly meeting, shareholders of the company recommended the “continuity of operations”.
In May, Marka announced a new CEO, Benoit Lamonerie, who substituted Nick Peel, who resigned last year after failing to turn a gain since Marka was established in 2014.
Peel had stated that he would make Marka become successful by the fourth quarter of 2015.
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