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Disway SA, a Morocco-based technology distributor led by Moroccan multimillionaire businessman Karim Benjelloun, has reported a single-digit increase in consolidated revenue in 2021 despite the impact of the COVID-19 pandemic on its operations.
According to figures contained in its recent activity indicators for the fourth quarter of 2021, its revenue in 2021 increased by 6.7 percent from MAD1.7 billion ($182.5 million) in 2020 to more than MAD1.8 billion ($193.2 million), driven by a growth in product demand and the adoption of its e-commerce website.
Its revenue increased by 10.5 percent to MAD515 million ($55.3 million) in the fourth quarter of 2021, driven by an 18-percent increase in the sales of fixed and portable PCs, printing and imaging products.
Aside from being Morocco’s first technology distributor, Disway’s primary operation as a distributor of technology products and hardware in the North African country has seen its revenue exceed $190 million under Benjelloun’s leadership.
Benjelloun, the hardware distributor’s general manager and co-founder, owns a beneficial 7.36-percent stake in the Morocco-based company.
Despite the challenges that it faced in 2021 as a result of the pandemic’s impact on its operations, particularly the impact of the supply chain disruption on its inventory, Disway was able to capitalize on its strong retail distribution channels and a spike in demand for technology products over the year.
Disway launched a new version of its e-commerce website dedicated to IT resellers in October 2021 in an effort to deliver on its promise as a leading distributor, and was thus able to record significant growth in sales on this platform.
Commenting on the company’s performance, Benjelloun said Disway was able to end 2021 with growth despite tough operating environments and supply difficulties that are likely to continue for a few more quarters.
He added that Disway is pursuing its strategy of diversification and the expansion of its product offerings to sustain growth in its operations in 2022 and beyond. “A partnership agreement with Hikvision, the world’s leading manufacturer in its segment, was announced earlier this year, and others should be signed by 2022,” he said.
As of press time on Feb. 9, shares in Disway were trading at MAD770 ($82.7) on the Casablanca bourse, unchanged from their opening price on the local bourse this morning.
The company’s market capitalization is presently worth more than MAD1.4 billion ($150.3 million), while Benjelloun’s stake is worth MAD103.4 million ($11.1 million).
