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Harman ME achieves sales revenues of USD 306 million for FY’ 2011-2012

Company forecasts revenue and a growth of 30 per cent for FY’ 2012-2013

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PRLog (Press Release) - Jul. 19, 2012 - Harman Middle East (ME), a market leader in home, professional and car infotainment in the Middle East, has revealed its achievement of USD 306 million in sales revenue in the Middle East region for the Fiscal Year (FY) 2011-2012, reflecting an impressive 34 per cent growth as compared to the figures posted in FY’ 2010-2011. The key sales performance figures posted show 12th quarter of Year-over-Year (YoY) improvement. Confident with the prospects of a continuing vibrancy across the region’s consumer electronics market, the company is projecting USD 400 million in revenue for FY’ 2012-2013, marking a 30 per cent increase from the previous fiscal year.  

‘harmanhouse,’ the company’s retail arm in the Middle East, has reportedly experienced a 100 per cent growth surge in Bahrain, followed by a 45 per cent growth in Qatar and a 30 per cent increase in the UAE. In addition, the consumer electronics retail group enjoyed strong growth with its 62 per cent market share of the segment for home theater systems within the price range of AED 2,000 and above. ‘harmanhouse’ has also revealed the addition of new categories to its diverse portfolio of products like tablets, smart phones and accessories. Product categories experiencing growth include flat TVs, audio products, smart phones and tablets. Growth is attributed to price differential; value added offers and the implementation of its largest ever Middle East advertising campaigns where globally renowned artists like Jennifer Lopez signed on as Harman / Kardon’s brand ambassador for the ‘Beautiful Sound’ campaign while AR Rahman, Sir Paul McCartney, Maroon 5 signed on as JBL’s brand ambassadors for the ‘Hear the Truth’  campaign. The successful campaigns helped raise brand recall and awareness on its latest range of products in the GCC, like the Harman / Kardon BDS 570 and JBL OnBeat Xtreme.

“The impressive growth figures that we have reached for FY’ 2011-2012 is owed mainly to our accelerated pace in delivering the latest in consumer electronics, especially audio and video products. This by far is the key driver that will also help us meet our targets for the next fiscal year,” said Amit Malani, President, Harman Middle East. “With that in mind, our expected growth for the next fiscal year will be bolstered by a growing consumer demand for more futuristic consumer electronic products. Rest assured that we remain committed in our promise of bringing new innovations to today's consumers and at the same time strengthen our market share in the region.”

The strategic partnership with Samsung has allowed 'harmanhouse' to consolidate its presence in the Middle East’s premium audio visual segment by posting the highest penetration of Samsung LED TV’s in the UAE. The company has revealed huge growth sales across Samsung TV panels, particularly in the purchase of large screen 46 inch models, which is due to competitive pricing and the offer of Smart TV features, thereby causing a direct increase in premium home theatre systems and feature rich audio products. The alliance has also resulted in the roll out of a unique initiative called the 'Harman – Samsung’ Smart Academy,' a first of its kind global concept, helps familiarize consumers on the features of their Smart TV’s and home theatre systems. The academy is located in a dedicated 2,000 square feet enclosure at the Dubai Mall outlet of 'harmanhouse.'

“The start of Fiscal Year 2012-2013 will see the launch and release of more products that feature the latest in technology and innovation. Rest assured that we will continue to provide these new products to our customers with key value added offers. Also, we are confident that our strong partnership with Samsung will induce more growth as we are seeing key demand for their large screened Smart TVs. Moreover, the ‘Samsung Harman Smart Academy’ is a fresh new initiative that will guide Samsung Smart TV users into discovering the many features and potentials of their units, guaranteeing them a more pleasant interactive viewing experience,” concluded Malani.

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Source:CommuniGate Middle East
Country:United Arab Emirates
Industry:Business
Tags:harman, revenues, growth, Sales
Shortcut:prlog.org/11928634
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