Harman ME targets USD 300 million in Middle East revenues for fiscal year 2011-2012

Harman Middle East, a market leader in home, professional and car infotainment in the Middle East, has set its sights on reaching USD 300 million in Middle East revenues for the fiscal year 2011-2012. The announcement follows the company’s achievement of USD 229 million in revenues for fiscal year 2010-2011, reflecting a 45 per cent increase in revenues from the previous fiscal year. Despite the recession, Harman's long and innovative legacy of providing excellence in AV technology has allowed the company to achieve a 150 per cent growth surge over the last two years. The company has been implementing key efforts to strengthen its market presence in the region’s audio and video (AV) segment by rolling out the latest world class high quality audio visual equipment.

According to Harman Middle East, the expected increase in revenue will be driven in by the region's growing consumer spending on high quality electronic products that use innovative technology and are offered at competitive package prices. The company also revealed that the flat screen segment has been keying in phenomenal growth. ‘harman house’ wide range of iPod and iPhone docking stations, harman kardon BDS series of Blu-Ray disc players, and headphones emerged as a key product categories for the Middle East. The move towards increasing revenue will be further bolstered with the launch of JBL’s On-Air Wireless AirPlay product line. The release of the new range of products gives the region a first time look at Apple's revolutionary technology for streaming audio between iOS devices.

“These are vibrant times for the region’s retail industry, particularly in the Audio segment, ‘harman house’ is doing very good because of the high quality, clarity in sound, and innovative technology that we provide to the users, making our offerings more user friendly,” said Amit Malani, President, Harman Middle East. “Harman Middle East has set a goal of USD 300 million in revenues for the next fiscal year. We are looking to achieve this goal by launching new world class audio systems that use innovative technology, which will surely stir up huge demand in the market.”

The Middle East region continues to play a key role as a major component to Harman ME’s growth. The company has named its retail, distribution and projects divisions as the three key business lines that will help meet the revenue target; 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 over the last 20 years and are included in premium cars from makers like BMW, Land Rover, Rolls Royce, Mercedes Benz, Lexus and Mini Cooper.

“We are currently aiming towards driving more value to our business by optimizing our business portfolio and regional footprint; transforming cost structures and accelerating growth into our markets. The vibrancy of today’s consumer electronics market has given us the confidence to capture a larger market share by increasing our investments in sales, marketing and business development. We believe these efforts, combined with prudent capital deployment, will continue our sales and profit growth,” concluded Malani.