Telecom Lead Middle East: Axiom Telecom, a retailer and distributor of mobile phones and tablets in the Middle East, is set to offer mobile payment solutions and plans to open 40 more outlets in the Gulf to increase its profits by 20-25 percent this year.
Faisal Abdul Aziz Al Bannai, CEO of Axiom, told Gulf News that the company has increased its revenue by 10 percent to Dh8 billion in 2012 compared to 2011.
Samsung and Apple fuelled its revenues last year.
In 2012, the company opened 30 stores, up 25 percent.
Axiom, a strategic partner of telecom service providers, du in the UAE, and Mobily in Saudi Arabia, is expecting its revenues to grow by 15 percent and profits by 20-25 percent this year.
Axiom in late 2010 cancelled plans to raise about $100 million (Dh367.3 million) because of widespread concerns about the market conditions and liquidity.
The CEO says Axiom did a transaction with Al Bannai Group to fund its future plans. There is no pressing need for capital. However, the company is exploring IPO opportunities at its own pace.
Axiom, which is investing heavily in mobile payments, is in the final stages of launching the project in the Gulf. It is also looking at acquisitions in the mobility space.
The company has 575 outlets, of which 300 retail points are at Adnoc, Emarat, Enoc and Eppco petrol stations in the UAE.
This year, it will sell more media tablets to IT stores. It has expansion plans in Saudi Arabia.
At present, the UAE contributes more profitability and Saudi Arabia more revenues.
In future, Saudi Arabia will contribute more profitability. Besides Kuwait, it is looking for opportunities in Turkey and Iraq.
According to GfK data, Axiom owns 70 percent of the market share in the UAE mobile phone market.
