Canon’s Middle East arm claims fastest worldwide growth

Canon Middle East yesterday reported 38% year-on-year growth during 2004, with president Gordon Jones claiming that the company is “the fastest growing Canon organisation worldwide, including China”.

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By  Matthew Wade Published  February 3, 2005

Canon Middle East yesterday reported 38% year-on-year growth during 2004, with president Gordon Jones claiming that the company is “the fastest growing Canon organisation worldwide, including China”. At yesterday’s media briefing the firm reported global sales growth of 8.4% (to $33.34 billion), operating profit growth of 19.7% (to $5.2bn) and a net income boost of 24.5% (to $3.3bn). Canon’s Middle East operation meanwhile enjoyed a 38% increase in consolidated net sales compared to the previous year. Gordon Jones attributes this improvement to the continuing rise in popularity of digital devices, such as cameras. In the Middle East, Canon’s analog and digital cameras combined now account for 35% of its sales, compared to 22% globally, with Canon’s digital camera sales in this region having grown by a whopping 74% during 2004. “The uptake of digital cameras is actually faster in the Middle East than in other markets,” commented Jones. “However, Canon’s analog camera market share still remains the larger of the two.” In 2004, Canon’s Europe and Middle East (EMEA) operation accounted for 31% of the group’s overall global revenue, with the EMEA region overtaking the Americas for the first time. Also announced yesterday was Canon’s decision to bring 21 African French speaking countries under the umbrella of Canon Middle East, making this region’s arm now responsible for 36 countries in total (an estimated population of around 550 million). In order to manage the growth and development of the new territories, Canon has established Canon North Africa (CAN). Based in Paris, this becomes a 100%-owned subsidiary of Canon Middle East and will source its sales and support from the Dubai branch of the company. “We are ideally qualified to grow Canon’s business in these markets,” said Jones, “and it is encouraging that our head office has the confidence in us to build on the superb development achieved here.”

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