Lighting giant Signify targets 25% growth in Egypt business

Signify, the world’s largest maker of lights, is targeting a 25 percent growth in size of businesses and investments in Egypt within financial year 2019/2020, a senior official said on Sunday.

The company, formerly known as Philips Lighting, is expanding its lighting businesses in Egypt and North Africa as it plans to implement more than 60 projects in the region, country manager Mohamed Abo El-Azayem told Amwal Al Ghad.

“Egypt and North Africa account for 35 percent of Signify’s business in the continent. We are expecting sales up to nearly €200 million ($222.6 million) in the next five years.” Abo El-Azayem said.

In 2018, Signify worldwide sales recorded around €6.4 billion.

Signify’s main objective is to lead Africa’s transformation plan to shift from using conventional lighting into LED solutions and products to reduce energy consumption rates and contribute to energy efficiency, he added.

The company is increasing its footprint in Africa especially in Egypt, Morocco, and South Africa, Abo El-Azayem said.

“We are also seeking to make Egypt become Africa’s export hub in the coming period.”