GE says 2022 was a good year for the firm

ALBAWABA - General Electric said that 2022 was a good year for the firm.

In its annual report, the firm said that 2022 "was the year that propelled the company forward."

A company report quoted GE Chairman and CEO Larry Culp as saying that "changes and achievements at GE during the year were both big and small and included the company’s successful launch of GE HealthCare."

Other factors, Culp added, included the "delivery of a strong financial performance, acting on GE’s purpose to build a world that works and meeting customer commitments."

He highlighted that services, which are "higher margin and more resilient to external changes, represent a large part of the company’s portfolio and a significant share of company revenue, standing at 60 percent in 2022 when excluding GE HealthCare."

"These strong results were made possible in part by embedding lean more deeply across the organization to drive continuous improvement, putting customers first, and embracing a culture of humility, transparency, and focus," he added.

"By deeply embedding lean principles and tools, GE is creating a problem-solving culture, with the aim of serving customers better," he explained.

"Across the MENAT region, there were numerous examples of this in 2022," he said. "This includes a series of exercises held during a major inspection at a power plant in the Gulf that successfully reduced the time required for inspection from 29 days to 24 days."

In another example, the GE Gas Power Jebel Ali Service Center in Dubai "reduced the servicing turnaround time for a gas turbine component by up to 80 percent, decreased crane lifts of the component by up to 70 percent, and shrunk the distance that the part travels across the shop floor by up to 70 percent," he added.