November 22, 2018

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Elko Group boosts sales

by Stuart Wilson, Thursday 23 August 2018

Emerging markets distributor Elko increased sales 18% year-on-year in the first half of 2018 to hut US$749m. Gross margins came in at 4.6% compared to 5.1% a year earlier. Net profits for the first half of 2018 were down 28% year-on-year at US$3.8m – a net profit margin of 0.5%. Sales in the CIS region climbed 25% to hit US$390m.

Sales in Central & Eastern Europe (CEE) were down 16% at US$231m, while sales in the Baltic States jumped 69% year-on-year to hit US$81m. Revenues from Nordic countries reached US$47m. The revenues of the Nordic region are included in Elko’s report since July 2017 after the acquisition of an 85% shareholding in Gandalf Distribution AB.

In July, WESTech, the iStores network operator and a member of the Elko Group, became the majority shareholder of Arašid, the largest specialized Slovak retailer of games, gaming consoles and accessories under the programingshop.sk brand and one of the leading mobile phones and accessories retailer under the MP3.sk brand.

Online retailer Arašid has recently transformed into an omnichannel retailer with 15 physical store locations. In addition to its leading position in Slovakia, Arašid holds strong market positions in the neighbouring countries.

The company was founded in 2002 by Pavol Dlhoš and has been developed in cooperation with investor Slovak American Foundation since 2008. WESTech, a member of ELKO Group, operates the largest network of premium Apple reseller stores in Slovakia and the Czech Republic under iStores brand.

Elko represents 210 IT manufacturers and provides a wide range of products and services to more than 7700 retailers, local computer manufacturers, system integrators and enterprises within various sectors in 31 countries across Europe and Central Asia. The group’s turnover in 2017 amounted to US$1.593 billion.

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