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Philips is ramping up LED Lamps exports to EGP65mln

Wednesday 10 October 2018 08:54 PM


By Omar Salem
Philips Egypt Lighting seeks to export up to EUR3mln LED Lamps, equivalent to EGP65mln, in 2019, and to manufacture 3 million lamps next year via its local partners.
" While targeting the manufacturing of up to 500,000 lamps late 2018 as well as driving up market share by a 25 percent up from 7 percent, actual manufacturing capacity worth EUR250,000 kept edging up two months ago,” general manager of Egypt and Middle East’s Philips Egypt Mohmed Abu El-Azaym told Al-Mal newspaper. 
Allured by Egypt’s yearly consumption of 25mln lamps, Philips set up plants in Egypt to streamline led exports to East African countries with its other manufacturing centers headquartered in Morocco and South Africa, he continued. 
Egypt and East African countries constitute up to 35 percent of Philips sales in Africa while Egypt is ranked first in parameter of Philips’ sales and investments. 
Using up to 3500 points of sale spread nationwide, prices of Led lamps are plummeting consistently fueled by rising demand.
Floating the Egyptian Pound has sharpened the competitive edge of Philips abroad and bolstered its exports, he noted, adding the the company aims to sell up to 2 million Led lamps in the domestic market till late 2018. 
Philips received orders from Turkey, Tanzania, Ethiopia, Kenya, Rwanda, and Burundi.
The company’s business and investments are sought to  grow by 25 percent per year, as it aims at increasing the locally manufactured components to 40 percent up from 25 to 35 percent. 
Philips had picked  two Egypt-based companies headquarterd in the two cities of 10th of Ramadan and the 6th of October to manufacture the lamps. 
“ Because rationalizing the consumption of electricity is expanding on the backdrop of steadily hiking prices of electricity, sales are expected to soar to EUR200mln in the span of five years,” said he.