About the Company
Mermaid is a global distributor of new and used phones as well as other electronic devices. Since 2016, the group provides device life cycle management services, which includes the grading and refurbishment of used phone,as an Apple certified centre, with higher margins. 75% of devices sold are Apple brand.
Mermaid recorded global sales of USD 241 million (FY21: USD302 million) and a net profit of USD 2.5 million as at FY2020 in key markets in Asia (45%), Middle East & Africa (20%), Europe (20%) and America (15%). Headquartered in Singapore since 2006, under the Global Traders' Programme, the group has built up valued relationships, selling to wholesalers, distributors, importers globally through their Singapore, Hong Kong, Dubai sales offices.
Mermaid recently signed a lucrative global distribution contract with Apple, which is expected to drive incremental revenue of USD 200million over a few years. As an authorised distirbutor for Apple in Pakistan, it is seeing rapid growth in the past 2 years in this market. Against a positive growth outlook in the industry for new and used phones, Mermaid will be a USD$500 million turnover company within 2 years.
This increase in working capital is expected to support Mermaid's working capital cycle, giving it the capacity to increase its purchases directly from Apple, while supporting its accelerated growth as the sole Apple distributor in Pakistan now.
Deal Teaser will be sent upon request.