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Canon posts 35pc growth

Gordon Jones, President of Canon Middle East, said: "While the current political situation in the region is causing a measure of apprehension, sales are buoyant, and there is still a great deal of opportunities in this market. We are very pleased with the progress we made in 2002 and also optimistic about 2003, which has already started very impressively."

Ammar H. Alul, Director of Canon Middle East, said : "In terms of country performance, figures were strongest in the UAE, Saudi Arabia and Iran. Egypt still had a successful year, despite a difficult economic situation. There was a steady growth across the other AGCC and Levant markets."

Canon Middle East recorded over 35 per cent growth in the regional sales in the year 2002, while the growth was 39 per cent in the previous year and 46 per cent in the year 2000.

The company has seen strong uptake of its new networked digital office products and IT solutions, as well as massive growth in its digital and still video camera business. These results make Canon Middle East the fastest growing region for Canon worldwide in 2002.

Globally, Canon has reported its third consecutive year of strong sales and profit growth, as well as record annual sales and profits, with fiscal-year 2002 consolidated net sales of $24.5 billion, and year-on-year net income increasing by 13.8 per cent to $1.58 billion. Its operating profit went up by 22.9 per cent to reach the $2.88 billion mark last year.

This makes Canon one of the world's top performing technology companies, with double-digit growth in both operating profit and net income being achieved despite the difficult economic climate. Canon was next to the IBM in registering patents in the US last year, reconfirming its position as the world's leading innovator and manufacturer of imaging solutions for the individuals and businesses.

Canon Middle East has almost tripled its staff since it became a full subsidiary in 2001.

It has invested heavily in management information systems, which has greatly improved support for its customers and business partners across the region.