Sanyo, the Japanese consumer group that is being acquired by Panasonic, is positive that its revenues in the region will hit $400 million (Dh1.5 billion) next year, in line with its earlier projections.
This forecast is made against the backdrop of Sanyo's recent revision of net profit projection from $390m to zero because of a slump in sales. A top official from the Fortune 500 company said although Middle East and Indian sales have slowed, the firm's aggressive strategies in Africa and CIS would make its target to double revenue from $220m in 2007 to $400m in 2010. achievable.
"This year, this company alone is already close to $300m so we are confident that we are on track to our $400m target for my territory – Middle East, Africa and India as well as CIS countries – in 2010," Takashi Hirao, Sanyo Gulf Chairman and Sanyo Chief Regional Officer – Middle East, Africa and India told Emirates Business. "The business situation is tough in the Middle East. Business in this region is not robust as it should have but in Sanyo Gulf, I am trying to weather these difficulties by increasing the business and by being strategically aggressive in Africa and CIS countries. The market in Africa is growing," he said.
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