The Quest group’s 2018 financial results for Cyprus have presented a mixed picture.
The group includes iStorm stores – known to the Cypriot public for the distribution of Apple products. Also, iSquare which is the official distributor of Apple products in Greece and Cyprus as well as Info Quest Technologies-Quest on Line which is active in the distribution of technology products and IT solutions.
iStorm stores are active in the technology sector in Greece since 2010 and are exclusive distributors for all Apple products. At present, there are eight iStorm stores in Athens, Thessaloniki and Cyprus.
In 2018, a strong sales growth of up to 31% was recorded for iStorm stores, due to strong demand for Apple products. All in all, the eight stores reported rising profits before tax by 190.3% and profits after tax up by 486.3%.
At the same time, the chain’s eighth store was inaugurated in Limassol Marina in October 2018. And even though cautiously optimistic, iStorm do have plans for the operation of yet another store in Cyprus.
More difficult for iSquare
However, 2018 was a turbulent year for iSquare which eventually recorded a 27% increase in sales compared to 2017, based on iPhone, iPad and Apple Watch products. The report said: “The Cypriot market has been a key driver of growth.”
In 2018, iSquare recorded an overall turnover of €106 million in sales – a record amount for the company. 2019 is expected to be a difficult but nonetheless positive year with a slower rate of growth. According to the group, new products are expected while investments will continue through the upgrading of sales points, creating new Apple Retail Programmes and continuing with the training of sales personnel.
“Info Quest Technologies SA has seen a significant increase in sales (+ 25%) in 2018, specifically in the company’s distribution and IT solutions,” according to the report.
In the field of technical services, the recorded number of repairs and customer service was on the rise. It is obvious that by expanding its collaboration with Xiaomi the company has been able to offer a wide variety of smart devices. The company now holds third position in the local Smartphone market with a 15% stake.
By Marios Rousou