Korea’s Samsung Electronics has been enjoying spectacular success in the Gulf markets, with revenues for the first half of 2000 up 40 percent, compared to the corresponding period in 1999, and projects that its revenues in the region will hit $800 million this year, reported Gulf News.
Samsung's sales turnover in Saudi Arabia rose 20 percent compared to the first half of 1999. Khaleej Times reported that sales volume for the entire Middle East region in the first half of 2000, went up 28 percent compared to the corresponding period last year.
Some of Samsung’s success can evidently be attributed to a $2 million advertising campaign, which saw good results when it came to sales of mobile phones and high-end televisions. The company is upbeat about its prospects for sales of Wireless Application Protocol (WAP) mobile phones in the region.
Recently released figures show the company's aggregate sales grew 37 percent versus the corresponding period in 1999, to reach $14.4 billion. Pre-tax income hit $3.9 billion, up 134 percent from the same period last year. These figures are the highest ever recorded by Samsung Electronics. Net income during the first half of 2000 exceeds the $2.9 billion figure registered for all of 1999. In light of these developments, the company has raised its 2000 sales estimates to $29.1 billion.
Samsung's Middle East activities extend beyond the Gulf region. Earlier this year, the conglomerates construction group secured a $31 million contract to construct commercial port facilities at Damietta in Egypt. Under the terms of the contract awarded by the Damietta Port Authority, Samsung is responsible for 2 million square meters of dredging and construction of a 667-meter long berthing facility and support facilities. Samsung won the bid after beating competition from Penta Ocean of Japan and Compegnon Bernard of France. ― (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
