Wednesday, 01 December 2021 10:44 GMT

Saudi Unifonic to become profitable before listing its shares on stock market


(MENAFN) CEO Ahmed Hamdan declared that Unifonic, the first Saudi startup to receive investment from SoftBank, is set to turn into profitable before listing its shares on a stock market.

He further stated that “Over the next six months, we will have a bigger vision regarding the offering,” adding that the main measure is to take advantage of the company’s profitability and the suitable market in terms of the quality of the products we offer, and the appetite of investors in the public markets.

Hamdan also said that Unifonic that currently has offices in Saudi Arabia, the UAE, Jordan and Pakistan, is aiming to increase its customer engagement offering into new markets in the Middle East and Africa, including Nigeria, over the next five years.

According to an announcement, Japan’s SoftBank and Sanabil Investments, a unit of Saudi Arabia’s Public Investment Fund, led a USD125 million Series B funding round for Unifonic.


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