Looks towards expansion, diversification as it emerges as a multi-discipline conglomerate
Records 25% revenue growth in the 3 quarters of 2014 over same period last year
Dubai, UAE - 18th February 2015: Jumbo Electronics – the UAE’S leading IT, telecom and consumer electronics retailer and distributor and the flagship company of the Jumbo Group - has completed 40 years of operations in the Middle East and Asia. The firm has witnessed a sales surge in its 9 month operations from April to December 2014, recording a growth of 25 per cent compared to the same period the previous year. The Group is now well positioned to report a record sales turnover of Dh 5 billion for fiscal year 2014-15.
A member of the World Economic Forum as a Global Growth Company, Jumbo’s story is a remarkable one that mirrors the UAE’s growth. Its founder, Manohar R Chhabria, established the first Jumbo Electronics retail outlet in 1974 in Dubai’s bustling commercial district Bur Dubai. Few first-generation Indians have achieved so much in such a short span of time in a global arena. The company marked its first success by securing exclusive distribution rights of the global iconic brand Sony in 1975, initiating its rise to becoming the largest Sony distributor in the world. Jumbo has since grown to introduce profitable verticals to its corporate structure, including enterprise solutions, logistics, engineering and light manufacturing. Only as an empowered organisation, has it been in a position to weather the economic upheavals in these 40 years.
Mrs. Vidya Chhabria, Chairperson, Jumbo Group, says, “Jumbo Group’s growth story is the reflection of the vision and enterprise of my husband, who established what has today matured to become a multi-discipline conglomerate. His core values of entrepreneurship, integrity, innovation and efficiency continue to be emulated by our management and staff and we are proud to arrive at this milestone 40th year of operations with business on a steep incline. Mr Chhabria’s vision would have been impossible without the enlightened policies of the UAE Government and the business-friendly approach of the Rulers of Dubai. I have to express my deep gratitude to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, whose bold, path-breaking and uncompromising initiatives establishes Dubai as a world-class city where organisations can flourish and contribute to the economy and we are indeed proud to be a part of his vision. Jumbo has been a Key Sponsor of the Dubai Shopping Festival since its inception and more lately, actively contributed to the Dubai Cares programme.
“Mr Chhabria’s sudden demise in 2002 left us bereft. I feel proud and honoured to have been handed the reins of a business that has only been growing since its inception. Diversification and expansion remain key business strategies for the Group and we plan to take Jumbo to a new level in the next few years. As my husband always said – at Jumbo we do not rest on our laurels. I remain committed to carrying forward my husband’s legacy of achieving the high standards of excellence that he set for himself and those around him.
“Over these 40 years, Jumbo has emerged as a professionally-run organisation, embodying world-class corporate governance and continuing the spirit of entrepreneurship through empowered management teams. I have to gratefully acknowledge our customer community, our business partners and our staff whose trust, faith and belief in Jumbo is the reason for our success.”
Jumbo Group’s strategy to reach new heights has been realised through expanding and reinforcing its core business of distribution, retailing and trading. To bring about a balanced business portfolio, it has successfully moved into more value-added sectors of B2B, 3PL logistics, management services, MEP and e-commerce. It continues to seek further investments into new services in its key and emerging markets. Jumbo’s wide-reaching network of operations currently covers the UAE, Oman, Kuwait, Qatar, Bahrain with the Group exploring new markets in Africa.
Vishesh Bhatia, CEO, Jumbo Group adds, “Jumbo has always preserved its integrity as an efficiently-run business, with a strong bias for customer-centricity, underpinned by robust corporate governance, learning and development, and effective internal processes. As we celebrate our 40th year anniversary, the drive to become bigger and better is stronger than ever. Our growth strategy envisages doubling net revenues by 2020. We recognise the high ambition of this goal, but under the guidance of Mrs. Vidya Chhabria, with the dedication of our motivated teams and significantly, and the continuing inspirational leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, I see no reason why this dream cannot be realised.”