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With a turnover exceeding USD 300 million, WESTech Group demonstrated the power and balance of its business model in 2021

In the demanding market environment of 2021, WESTech business group with over 460 employees, comprising WESTech distribution in Slovakia and in the Czech Republic, iStores Apple Premium reseller retail stores, Arašid enterprise with a network of PlayGoSmart (PGS) retail stores, Swiss and Logicworks service centre (expert in Apple for companies), increased its revenues to USD 301 million and reached an operating profit of USD 9.9 million. (EBITDA)
In 2021 we continued extending our distribution portfolio and retail business as well as with other acquisitions. Although we could not completely counter the effects of subdued market dynamics and outages in the supplier chain, we were able to overcome the obstacles. The stress and macroeconomic insecurity did not weaken our customers’ trust in us; in fact, just the opposite: we have become a more important partner and our results only confirm this. With regard to the complicated market conditions, the group performance achieved in 2021 is significant again and we showed the power and balance of our business model.
Matej Sršeň CEO, WESTech
During 2021 WESTech gained new distribution contacts for the products and the portfolio of DELL Technologies, TCL and OPPO smartphones, VIOMI vacuum-cleaners, Kyocera printers, and others.

Although stores were closed for several months due to the pandemic, retail activities thrived extraordinarily well. The revenues of the stores and the e-shop of the Apple premium re-seller of the B2C network iStores increased by 21% compared to the previous year. The success is also a result of higher internet sales during the closure of shopping centres, and the opening of new flagship iStores and PGS stores at premium locations such as Stanica Nivy and Bory Mall in the second half of the year. Rebranding of the Progamingshop into PlayGoSmart, reaching out to a wider range of customers, contributed considerably as well.

In 2021 WESTEch also took over a share in Logicworks, the most significant expert in Apple for businesses on the Czech market, which smoothly follows up on the Apple business of WESTech and iStores.
WESTech is a part of the international ELKO GROUP; in 2021, i.e. a second entire year of digital transformation accelerated by COVID-19, it saw a stable and strong demand on the market in key product segments and reached a turnover of USD 2.192 billion.

The concentrated efforts of suppliers to meet their production targets, in combination with logistics under pressure, led to uneven schedules of supplies which, in several product categories, did not correspond to customers´ demand, which even left certain growth opportunities unused due to the insufficient availability of products in stock towards the end of the year. In spite of that, the demanding environment created a number of opportunities to improve profitability, leading to a gross profit of USD 162 million, representing a 24 % increase compared to 2020. The net profit (EBIT) of the entire group increased by as much as 35 % to USD 78.1 million.

With its further corporate strategy development, WESTech has a good position for the future. Thanks to the continuing significant growth potential, it will be able to add many more chapters to the success story of the entire WESTech and ELKO Groups.
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