Tejari reveals record profits

Tejari has announced record results for 2006, with revenues up 30% and net profits more than doubling from last year, up 110%.

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By  Duncan MacRae Published  February 13, 2007

Tejari has announced record results for 2006, with revenues up 30% and net profits more than doubling from last year, up 110%. More than US$1.3 billion worth of business went through online marketplace Tejari during 2006, marking a 33% rise in trading volumes from 2005. The results reflected increased trading activity by both suppliers and purchasers and an expanding base of trading partners for Tejari Marketplace, along with improved consulting revenue. “Tejari’s performance during 2006 demonstrates both the strength of our marketplace services and the ongoing interest in e-commerce among public and private sector organisations in the Middle East,” said Omar Hijazi, CEO of Tejari. “Our existing customers are processing more and more transactions through Tejari, while new customers are also seeing the benefits of signing up with the leading e-commerce provider in the region,” Hijazi continued. “Last year saw a number of important milestones for Tejari, with the launch of operations in four new countries and the introduction of four new services targeting various business communities. These figures reflect the growing demand for e-commerce services from diverse sectors across the region, which underpins our strategy for maintaining leadership in e-procurement and creating new online services for the Middle East and emerging markets worldwide,” Hijazi added. Tejari’s core Marketplace service grew its trading partner base by 38.5% in 2006, while Tejari Expert consulting services increased revenue by 33%. Last year also saw Tejari cross a threshold of US$4 billion in total trades, along with more than 70,000 transactions now completed since the company began operations in 2000. “The benefits of e-procurement for governments and large enterprises in the region have been proven and now we believe that we can extend those benefits to many more business communities in the region, as well as building links with global organisations," said Hijazi. “Our focus now is on making Tejari into a global brand and extending our services to emerging markets worldwide, to create a unmatched online marketplace for the region,” Hijazi concluded.

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