Saudi Arabian Retailer United Electronics Eyes Egypt Expansion

(Bloomberg) -- Saudi retailer United Electronics is looking to grow its market share in Egypt to 10% over the next five years, according to its Chief Executive Officer.

“We have already finished the visibility study, with a very detailed milestone for the next five years,” CEO Mohammed Galal Fahmi said in an interview with Bloomberg TV. The firm expects its legal entity to be established by the end of the first quarter. 

Extra, as the consumer electronics retailer is known, reported a 396.7 million riyal ($106 million) profit for 2021, meeting the average analyst estimate. “We are looking at double-digit growth in profitability in the next three years,” Fahmi said. “We are optimistic.”

The CEO said price increases and supply chain constraints should be temporary issues, with the market being supported in the second half of the year. Mobile phones and tablets are among the hardest products to obtain nowadays amid the backlog, he said.

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