DUBAI, 25 February 2007 — i2, mobile phone provider in the Middle East and Africa, yesterday announced revenues of almost $1.3 billion for 2006, up from $837 million.
Saudi-based i2 expects equally impressive growth rates in the coming year, forecasting that company revenues will reach a turnover of $3.2 billion, double that of this year.
In addition, i2 has set a goal of selling 12 million handsets in 2007, more than twice the 5.5 million sold in 2006.
Abdul Hameed Al-Sunaid, CEO of the company, said the latest figures are a validation of the company’s ambitious business plan, which included investments of around $55 million in 2006.
“Since our founding in 1993, we have built a solid network and a deep understanding of the region,” Sunaid added.
“Our annual revenues, which have increased fivefold in three years, are clear reflection of our drive to grow and diversify.”
i2’s greatest accomplishment is in its operational reach extending across 22 markets and securing significant market share in each. “We are unique in the sense that few local companies share our operational breath covering 22 countries with a considerable role as a leading mobile provider. i2 is a local success story, deserving of it exceptional performance year after year,” Sunaid further said.
In recent months, i2 has embarked on an aggressive and ambitious multi-tiered strategy, which has seen the company penetrate new markets, boost its retail presence in the region, expand its corporate portfolio and secure several corporate acquisitions such as Cellempower and CompuMe.
As well as gaining a foothold in Europe through its acquisition of the British GSM trading company Allied TC, i2 entered several markets in Africa, increasing its reach to a total of 22 markets.
A large part of i2’s strategy has been to penetrate such undersubscribed markets as Senegal and the Ivory Coast, which, while presenting challenges, also offer the potential for greater growth than more established markets. The company’s move into western markets, meanwhile, is viewed by Sunaid as proof that regional companies can thrive on a global scale. In 2007, i2 will continue to focus on Africa, with a goal of penetrating four new markets.
Over the last year the company has also launched several customer focused subsidiaries such as i2 club, i2 tv and i2 café. “We will continue to push the boundaries,” he said. “We fully believe that the values and vision that have established us in the Middle East and Africa will ensure success anywhere in the world.”