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Bosch, the world’s leading technology and services provider, ended fiscal 2022 with consolidated sales in the Middle East of 476 million euros ($519 million), a strong 21 percent increase over the previous year.
The positive results in the region are directly attributable to contributions from the Mobility, Consumer Goods, Energy and Building Technologies business units.
Commenting on the results, Per Johansson, Managing Director of Bosch Group Middle East, said: “We are delighted with our strong performance in 2022. We thank our dedicated teams who are committed to delivering innovative solutions, Played an important role in our development. Success.” As of December 31, 2022, the Bosch Group employed approximately 465 people in the Middle East.
Outlook for the Middle East to 2023
“Building on our achievements in the Middle East, we are pleased to outline our strategic outlook to 2023. Bosch remains optimistic about the future and is committed to driving growth and improving quality of life with our ‘invented for living’ technologies. life. Our goal is to achieve significant sales growth in 2023 and further accelerate growth in the coming years,” adds Johansson.
According to external reports, the diversified economy in the Middle East is expected to grow due to diversification efforts, supported by national visions and strategies promoted by various governments. Several industries such as construction, infrastructure, automotive, and renewable energy are experiencing rapid development and growth in the region. Technology has become the driving force for sustainable development in today’s industry. As the demand for technology continues to grow, Bosch is constantly innovating and delivering clean and green solutions to actively help shape a “connected and sustainable” world.
Adopting sustainable business practices is no longer a secondary issue, but an important aspect of Bosch’s core business. With the UAE hosting COP28 this year and the government declaring 2023 the Year of Sustainability, partners and stakeholders in the UAE and the wider region have expressed strong support for their businesses to develop sustainability initiatives.
Collaboration
A collaborative approach to climate action will pave the way for a sustainable world for future generations. Sustainability is seen as a collective task for Bosch, on which the company is making good progress. Bosch is presenting its portfolio of hydrogen solutions at the World Future Energy Summit (WFES) 2023 in Abu Dhabi, including an electrolyser for hydrogen production and its decentralized fuel cell system (SOFC; solid oxide fuel cell). “Through our innovations, we strive to create technologies that are smart, visionary and sustainable,” Johnson said.
“At Bosch, we believe that the sustainable production and use of hydrogen is an important part of the solution that will, in the long run, meet future energy needs without the use of fossil fuels. Our goal is to Future generations build a sustainable environment,” he added.
Bosch Group: Vision 2023 and Strategic Roadmap
In 2022, Bosch exceeded its business goals and it was a challenging year. The technology and services provider’s total sales rose to 88.2 billion euros and its operating EBIT margin rose to 4.3 percent from 4.0 percent. “We are meeting the challenges of 2022 well – our sales and margins are higher than expected,” said Dr. Stefan Hartung, Chairman of the Board of Management of Robert Bosch GmbH. Even though the economic and social environment remains difficult, Bosch expects to achieve significantly faster growth in the coming years. “Our goal is to grow in every region of the world and become one of the top three suppliers in the relevant market,” said Hartung.
Despite the impact of the Covid-19 pandemic, Bosch achieved sales growth of 3.5% in the first quarter of 2023. Despite the poor economic outlook, the company is targeting sales growth of 6% to 9% in the first quarter of 2023 and for full-year 2023. Its target for operating EBIT margin in 2023 is around 5%.
The fight against climate change is bringing about dramatic changes in business and society, while also accelerating technological change. “This technological change is unlocking growth opportunities that we want to seize. Against this backdrop, our ‘invent for life’ ethos is ideal – not only with regard to the major trends of electrification, automation and digitalization, but also It’s also more important than ever when it comes to software and artificial intelligence,” Hartung said.
Bosch is responding to the trend towards software-based automotive engineering by realigning its automotive supply business: Within Robert Bosch GmbH, Bosch Mobility Future will be managed as a business unit with responsibility for its own business and its own leadership team. The aim is to meet the needs of existing and new customers better and faster with customized solutions from a single source. The chairman of Bosch announced that the newly reorganized mobile business is expected to grow by an average of about 6% per year and achieve annual sales of more than 80 billion euros by 2029.
focus on social inclusion
Bosch attaches great importance to social inclusion as one of its core corporate priorities. In keeping with this commitment, the company recently organized a team-building event in cooperation with the Dubai Special Needs Centre, which attracted 35 Bosch employees and around 140 children (people of determination). Held in the center of Dubai, the event provided an excellent opportunity for Bosch employees to showcase their skills and enthusiasm while actively contributing to social inclusion.
Such activities help develop competencies such as empathy, social awareness, greater appreciation, and an understanding of individual differences. Through these initiatives, Bosch aims to foster a society that embraces diversity and recognizes the unlimited potential of individuals when the right environment is provided. — trade arab news agency
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