BenQ Middle East achieves record 110% quarterly revenue growth
2008 on track with record quarterly sales and earnings through OGCC market
Broad gains across all products in the OGCC markets (Kuwait, Qatar, Bahrain, Oman and Yemen) led BenQ Middle East to record revenues and strong earnings in the third quarter. The Company reported third-quarter revenues, up 110% per cent over Q3 last year.
Product wise performance has also seen significant revenue growth with the LCD TV registering 63%, projectors an incredible 900%, a significant 300% growth in Joybook and 31% in LCD Monitors.
“This was a tremendous quarter for BenQ. The results show our continued ability to outperform targets and that our hard work is finally paying off,” said Manish Bakshi, General Manager, BenQ Middle East and Africa.
“Our strong performance this quarter has placed us in a position to make 2008 as one of BenQ Middle East’s most profitable year ever – which would be a significant feat given the challenges of our OGCC operations as a start-up venture; selecting and settling in with new channel partners and considering the logistical problems.”
Strong third quarter performance has led BenQ to confirm its expectation for sales growth in 2009. The company is anticipating a 30% hike in LCDM sales, while LCD TV sales are expected to grow by 50%. A further 100% sales increase is expected in Joybook while projectors are forecasted to jump 30%.
“With outstanding progress in this quarter and our continuing capability to realize growth targets we are confident in our ability to deliver the projections for 2009,” said Bakshi.
This tremendous growth in sale can be attributed to several factors - Kuwait of all regional markets is currently experiencing a huge potential for LCD TV’s, Joybooks, LCDM (High end models 22”&24”) with already an exponential demand for projectors. “The fact that we won a contract for providing more than 2000 MP723 projectors to various schools and universities in Kuwait confirms growing demand for BenQ products in the region.”
Likewise, Qatar and Oman are experiencing increased demand for IT and Consumer Electronic products. In addition to increased retail penetration and reduced life cycle of electronics due to advanced technologies foraying every single day; have further pushed demand for technology products northward in the OGCC countries.
BenQ’s dedicated Customer Service Manager appointed specifically to cater to OGCC countries have also contributed in over-exceeding company’s quarterly target. Plus, appointment of right channels, new marketing incentive programmes, regulating inventory, etc are few initiatives that has helped the company raise its figures, claims BenQ.
An impressive product line up that includes world’s first 21.5” Full HD LCD Display, 47” SJ 4731 LCD TV, a remarkable line up of short throw projectors & cameras , etc have been made available through major retailers through all OGCC countries.
