World News – United States – Saudi retailer sees increase in iPhones after third quarter surge


United Electronics Co’s third-quarter profits doubled as consumers spent more on electronics amid the coronavirus pandemic, and Saudi retailer said Apple Inc’s new iPhone could be a’ breakthrough ‘ potential later in the year

The biggest Apple product launch event of the year will be on October 13 The company plans to reveal four redesigned iPhones with 5G wireless capability, improved cameras, faster processors and a wider range of screen sizes, Bloomberg News reported

« This is a very important launch, » said Mohammed Galal Fahmi, CEO of United Electronics, in an interview with Bloomberg TV, adding that the new phones would be a « good boost » for the fourth quarter

The introduction of the new iPhones comes about a month later than usual after the latest tests and production delays due to the pandemic

United Electronics, also known as Extra, reported third quarter revenue of 123 billion riyals ($ 328 million), up 18% from the same period l last year Profit increased by 96%

The reallocation of consumers’ money from travel and entertainment to electronics retail « has been a pleasantly surprising factor, » CEO said The company expected « milder » months in due to the increase in value added tax in the kingdom

* The company did not lay off employees during the lockdown as it developed parts of the business such as online and consumer finance

* Consumption trend is on the rise in Saudi Arabia « The challenge will be where they go to finance » purchases of electronic devices

* « Saudi consumers will change and develop new ways of financing their purchases in the future »

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Saudi Arabia, iPhone, Managing Director, Apple, Finance, Ecommerce

News from around the world – US – Saudi retailer sees increase in iPhones after third quarter surge



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