Canon announces tenth straight quarter of double digit growth

Canon Middle East has grown by over 35% for the last ten quarters, thanks to strong performances in digital technologies.

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By  Mark Sutton Published  October 9, 2003

Canon Middle East is celebrating strong regional growth. The company reported 41% growth for the first half of 2003, the tenth consecutive quarter of growth of over 35% in the region.

The growth make the Middle East the fastest growing region for Canon, which continues to enjoy success worldwide, primarily thanks to its performance in digital technology. Digital camera sales grew by 93% regionally, and digital colour laser copiers grew 122%.

"This year has started extraordinarily well for Canon in the Middle East, with record results in many sectors," commented Gordon Jones, president of Canon Middle East. "Despite the intense political turmoil which led many analysts to predict a huge market slowdown, our business did not miss a beat."

Canon has put a lot of effort into promoting its brand in the market, Jones said, and has also grown its presence through building its channel, although he acknowledges that there is still more channel growth to come.

"We have invested heavily in our channel in this region. We've been conducting extensive training programmes for our regional reseller network, and extended our back end information systems to improve distributor and dealer support," Jones said.

"We are still relatively young company in the Middle East, we are based in Dubai so Dubai gets the lion's share of our effort, but obviously we want to increase our presence in the market. We are building our channel and our channel coverage, a lot of good work has been done, but we need to get out more and push our brand in the region. It is part of a long term project to identify growth regions and address those," he added.

Regionally the company posted strong growth in certain countries, notably 49% in the UAE, 48% in Saudi Arabia and 97% in Iran. It is also expecting business to take off in Iraq too.

"We see huge potential in Iraq," Jones said. "We have some representation there already, and we are very well positioned to capitalise on that. There are concerns about the current situation, but we think big business will be done there."

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