Dubai, July 31, 2002 ---- GE's second-quarter earnings of $4.426 billion, a 14% rise over second quarter 2001 and the highest growth in any quarter in the Company's history, "demonstrate that our key strategic initiatives and business model have successfully steered growth in all of our businesses around the world, including the Middle East," said Nabil Habayeb, National Executive, General Electric, Gulf.
Double-digit growth was noted at several of the Company's businesses including GE Power Systems and GE Medical Systems. The new figures include revenue growth to $33.2 billion, 4% above last year's quarter, and operating margins of 21.2% of sales, up from last year's 20.6%, reflecting GE's productivity gains.
"GE's diversified portfolio of leading businesses produced another quarter of double-digit earnings growth and strong cash flow," said Jeff Immelt, GE Chairman and CEO. "Our long-cycle industrial businesses in addition to our consumer and mid-market businesses continue to deliver. The improved performance we're seeing in our short-cycle businesses position us well for future quarters. The GE team continues to perform in a tough environment."
"GE's businesses continue to win in their markets by bringing great technology and services to their customers," Immelt said. "We had a record second quarter; our third quarter looks promising, and we remain comfortable with the targets we've communicated for the full year. We have a wonderful team of people who are committed to perform. I'm proud of them and what they're delivering."
GE has been active in the Gulf since 1933. Its activities in the region are conducted through direct presence, joint ventures, strategic alliances, and a wide network of distributors. GE has completed strategic projects in various hi-tech industrial sectors, defence-related contracts and major infrastructure developments.
GE is a diversified technology, manufacturing and services company based on more than a century of achievement and innovation. Today, it is the only company listed in the Dow Jones Industrial Index that was also included in the original listing of 1896. GE operates in more than 100 countries and employs nearly 300,000 people worldwide.
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