Harman ME posts USD 156 million in revenues as of third quarter of FY 2010-2011 in Middle East region

Harman Middle East, the leading retail chain in home, professional and car infotainment, has posted USD 156 million in revenues as of third quarter of FY 2010-2011 - already surpassing the total revenues posted during its FY 2009-2010. The company also revealed that it is on track towards exceeding its target revenue of USD 200 million before the end of June 2011. These impressive growth figures complement the company’s current efforts to consolidate its presence in the Middle East region’s audio and video (AV) segment by rolling out the latest world class high quality audio visual equipment. 

Despite the impact of the recession, some of the key drivers for the company's strong revenue growth for 2010 can be attributed to the region's growing consumer spending on high quality electronic products that use innovative technology and are offered at competitive package prices. ‘harman house’ has witnessed  significant growth across its range of home theatre systems, iPod / iPhone docking stations and AKG headphones. The retail arm also experienced large sales returns in its latest range of harman kardon Blu-ray Disc player, the BDS series. 

“Our latest sales performance indicators reflect the positive results of our strategic sales and marketing initiatives to raise the awareness on the ‘Sound for Vision’ concept, which we have implemented. Harman is confident that we are sure to exceed our revenue targets for fiscal year 2010-2011,” said Amit Malani, President, Harman Middle East. “The company’s strong focus towards innovation and quality and the ability to understand our consumers have been major factors in the company’s drive for growth and development. Our understanding of the diverse regional consumer market combined with diverse consumer buying trends has allowed us to set our sights on expanding our presence in the Middle East - thereby affirming our leadership in AV retail segment.” 

In response to raised concerns about the current state of receiving supplies and other raw materials from Japan, Harman ME has announced that it is not expecting any material impact on its sourcing from Japanese suppliers and partners. The global entity HARMAN has made a donation of USD 100,000 to the Red Cross relief efforts along with the move to match employee contributions for the Japan tsunami and earthquake relief fund. The company assured that its implementation of an Enterprise Risk Management strategy has allowed them the confidence and security to maintain a diversified global supplier base, thereby allaying fears and showing that Harman’s manufacturing production for professional audio, consumer electronics, and automotive OEM products will remain materially unaffected by the recent events in Japan. Harman brands are known to power over 70 per cent of the world's recording studios; more than 75 per cent of cinemas worldwide built in the last 20 years, and are incorporated in premium cars such as BMW, Land Rover, Rolls Royce, Mercedes Benz, Lexus and Mini Cooper. 

“Harman Middle East remains steadfast in its commitment to provide customers with world class products as we will be launching more next gen technologies for personal and home entertainment in the next few months - bringing us one step closer to our vision of offering a highly-defined, state-of-the-art audio and video experience to our customers,” concluded Malani.