Saudi Arabia’s United Electronics targets Egypt market share expansion

Saudi Arabia’s retailer United Electronics is targeting growing its market share in Egypt to 10 percent over the next five years, according to its chief executive Mohammed Galal Fahmi.

“We have already finished the visibility study, with a very detailed milestone for the next five years,” Fahmi further said in an interview with Bloomberg TV.

The Saudi Arabian company expects its legal entity to be established by the end of the first quarter.

Extra, as the consumer electronics retailer is known, reported a profit worth 396.7 million riyals ($106 million) for 2021, meeting the average analyst estimate.

“We are looking at double-digit growth in profitability in the next three years,” Fahmi added. “We are optimistic.”

He further said price hikes 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, Fahmi stated.