Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Sennheiser Middle East Sees Profits Soar 62% in 2013 with Upturn in Regional Broadcasting Industry  Join our daily free Newsletter

MENAFN Press - 02/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Increased regional adoption of conference and translation systems, the Middle East broadcast industry's ambitions to match global standards in audio systems design and deployment and an increased usage of wireless audio systems in smart classrooms, has resulted in another year of significant double-digit growth in the Middle East for the Sennheiser Group, one of the world's leading manufacturers of microphones, headphones and wireless transmission systems. The company recorded an unprecedented 62% year-on-year (YOY) increase in gross profit in the region owing to a number of project wins in the education and hospitality sectors and a notably strong performance in the consumer electronics segment in which the company saw revenues increase by 52% in 2013



Mr. Mig Cardamone, sales and marketing manager at Sennheiser Middle East believes that the fresh wave of spending in the region presents a huge opportunity for the company. "There is no doubt that market confidence has returned and investments are now in full swing. It is an exciting time to be a part of this development. Our success has been due to our ability to act quickly and to leverage our strong product portfolio, extensive partner and distributor network and streamlined regional logistic and supply chain capabilities. In 2013, we managed to make inroads into a number of new vertical markets as an increasing number of organizations have begun to explore the possibility of utilizing professional audio solutions to gain competitive advantage," he said



As regional businesses increasingly begin to compete on a global stage, the adoption of conference and translation systems has been a notable trend. Sennheiser was quick to cater to this demand and through its system integrator partners implemented a number of such solutions across the region. The company also maintained its strong penetration in the education market where wireless audio systems are becoming a standard piece of equipment in smart classrooms.



Last year, Sennheiser introduced the Digital 9000 wireless microphone system, it's most innovative wireless audio solution. The system has quickly gained popularity as a 'must have' piece of technology, particularly in the Middle East's thriving broadcast industry. According to Mr. Cardamone, the region is now matching global benchmarks in audio systems design and deployment. He highlighted the example of a landmark project for a military band's recording studio in Oman where high-end wired microphones from Sennheiser and Neumann, as well as 16-channels of Sennhesier's new Digital 9000 series wireless microphones were installed to create a world-class studio



Alongside the continued growth in the professional audio business in the region, Sennheiser increased its focus on the consumer electronics market with an expansion of the division's sales team and marketing spend in 2013. The result has been a 52% YOY increase in business that affirms the company's commitment to this segment whilst the audio expert continues to expand on its distribution footprint. Mr. Cardamone predicts that the consumer electronics business will continue to grow and contribute in excess of 40% to the company's overall business within the next three years, which is in line with the Group's overall performance



Looking forward, Sennheiser has clearly defined its strategy for 2014. With new solutions for teleconferencing and mobile digital audio streaming, the company hopes to diversify its offerings and tap into new markets. "TeamConnect is an all-in-one teleconferencing solution for small meeting rooms that brings professional audio quality and standards into an area of the market that could truly benefits from such advancements," said Cardamone. "We will also unveil an innovative mobile digital audio streaming device and mobile app that will open up a new range of possibilities for our professional audio business that will have a direct benefit for the consumer."



These solutions will be launched at the upcoming Integrated Systems Europe (ISE) 2014 event in Amsterdam and will be made available in the local market through the company's regional distribution channel


About The Sennheiser Group
The Sennheiser Group, with its headquarters in Wedemark near Hanover, Germany, is one of the world's leading manufacturers of microphones, headphones and wireless transmission systems. In 2012 the family company, which was founded in 1945, achieved a turnover of around 584 million euros. Sennheiser employs more than 2,300 people worldwide, and has manufacturing plants in Germany, Ireland and the USA. The company is represented worldwide by subsidiaries in France, Great Britain, Belgium, the Netherlands, Switzerland and Liechtenstein, Germany, Denmark (Nordic), Russia, Hong Kong, India, Singapore, Japan, China, Australia and New Zealand, Canada, Mexico and the USA, as well as by long-term trading partners in many other countries. Also part of the Sennheiser Group are Georg Neumann GmbH, Berlin (studio microphones and monitor loudspeakers), and the joint venture Sennheiser Communications A/S (headsets for PCs, offices and call centres).You can find all the latest information on Sennheiser by visiting our website at www.sennheiser.com.

 






  MENA News Headlines
 Jul 24 2014 - Flydubai to start Mumbai flights in OctoberspanKhaleej Times
(MENAFN - Khaleej Times) Bai-based flydubai on Wednesday announced the launch of flights to Mumbai bringing the total number of destinations served by the carrier in India to seven with 25 flights a ...

 Jul 24 2014 - Dubai: A vision not an illusionspanKhaleej Times
(MENAFN - Khaleej Times) W laws will reinforce Dubais position as a sought-after global investment and business destination Hisham Abdulla Al Shirawi tells Khaleej Times “Dubai and the UAE as a ...

 Jul 24 2014 - Real estate deals in Dubai hit Dh113 billionspanKhaleej Times
(MENAFN - Khaleej Times) Ga projects and investor confidence behind strong transaction volumes The launch of mega projects and renewed investor confidence have boosted real estate transactions in ...

 Jul 24 2014 - Mashreq bank profit surges 40spanKhaleej Times
(MENAFN - Khaleej Times) Shreq bank announced on Wednesday a 40 per cent increase to Dh1.The bank said it net profit in the second quarter reached Dh585 million an increase of 45 per cent from last ...

 Jul 24 2014 - Marka to list on DFM in SeptemberspanKhaleej Times
(MENAFN - Khaleej Times) Rka a public joint stock company with a capital of Dh500 million on Wednesday announced plan to list its shares on the Dubai Financial Market in the second week of September ...

 Jul 24 2014 - Al Maya opens supermarket in Al Reem IslandspanKhaleej Times
(MENAFN - Khaleej Times) Maya Group has extended its reach in Abu Dhabi by opening its fourth supermarket in the countrys capital and first on Al Reem Island the company said.“The group ...

 Jul 24 2014 - Fees and commission boost FHs H1 earningsspanKhaleej Times
(MENAFN - Khaleej Times) Nance House has posted a robust consolidated net-profit of Dh61.Net fee and commission income grew by a whopping 75 per cent year-on-year to Dh35.8 million. Similarly income ...

 Jul 24 2014 - Majid Al Futtaim revenues jump 14 in first halfspanKhaleej Times
(MENAFN - Khaleej Times) Rong performance across the businesses has boosted Majid Al Futtaims first-half revenues by 14 per cent compared to same period last year the Dubai-based company announced on ...

 Jul 24 2014 - Emirates Reit H1 net profits surges 194spanKhaleej Times
(MENAFN - Khaleej Times) Irates Reit (CEIC) Limited on Wednesday announced that its net profit jumped by 194 per cent to $34.Emirates Reit is the first Shariah-compliant regulated real estate ...

 Jul 24 2014 - NBQ posts Dh186.32m profit in H1spanKhaleej Times
(MENAFN - Khaleej Times) Tional Bank of Umm Al-Qaiwain or NBQ on Wednesday said its 2014 first-half net profit rose to Dh186.In a statement the bank said operating income during January-June 2014 ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help