LG unveils latest lineup of home entertainment products

Eddie Jun, president of LG Electronics Saudi Arabia.
Updated 23 January 2018

LG unveils latest lineup of home entertainment products

LG Electronics has announced the launch of a new line-up of home entertainment products in the Saudi market, which includes the Nano Cell Display, OLED TVs and the premium LG Signature line-up OLED TV.
In addition to the focus on the growth of OLED TVs in 2017, LG said it is working toward setting higher standards in the HDTV sector and focusing on pushing its sales by more than 70 percent. In order to achieve this, LG has invested in innovations such as advanced Nano Cell screen and the OLED technology that deliver the “most realistic imagery and incredible viewing experience.”
LG’s OLED TVs have been recognized for their superior performance and are used by Technicolor as consumer reference displays in the production of home delivery versions of major Hollywood movies and television content such as “Logan” and “Sense 8.”
According to the electronics giant, the new high-quality Nano Cell LED technology unveils billions of rich colors with superior color accuracy, thanks to the innovative nano cells that display life-like colors for a perfect viewing experience from any angle. This technology works by absorbing excess light waves and enhancing the purity of colors displayed on the screen.
“The technology of nanoparticles is ideal for large, high-definition TVs,” said Eddie Jun, president of LG Electronics Saudi Arabia. He added: “Nano Cell technology enables a consistent color with wide viewing angles, whether seen directly in front of the screen or from an angle of 60 degrees.”
Belal Al-Shanqiti, marketing manager of LG Electronics Saudi Arabia, said: “The nano cell screens provide superior technical advantage due to its uniform particles measuring about one nanometer in diameter, displaying sharper and accurate colors even in wider angles as compared to other TVs like Quantum-dot based screens that have 10-50 atoms per diameter.”
Jun said: “LG’s accolades are especially meaningful for the company as competition in the premium TV market and the home entertainment industry has become fiercer than ever before, due in part to the growing number of competitors and the speed of innovation in technology. We are extremely glad that consumers globally have recognized LG’s pioneering leadership in innovation and technology and can understand the potential of this growth.”

GFH reveals boost in first-half profits

Updated 14 August 2018

GFH reveals boost in first-half profits

GFH Financial Group has announced that net profit attributable to shareholders rose to $72.5 million in the first six months of 2018, a 16.7 percent increase from the same period a year earlier. The group also reported a consolidated net profit of $73.4 million in the first half of the year, a rise of 12.1 percent.

Net profit attributable to shareholders for the second quarter increased by 19.2 percent to $36 million. Consolidated net profit during the quarter rose to $36.5 million, an increase of 14.1 percent.

Earnings per share for first half of the year was 2.02 cents, compared with 2.51 cents in the first six months of 2017. Earnings per share for the second quarter was 1 cent, compared with 1.22 cents in the same period of 2017.

Total consolidated revenues in the first half, grew by 12.5 percent to $124.2 million, primarily from revenues generated by its investment-banking business. This included income generated from investment placements for private equity and real-estate transactions. Consolidated revenues for the second quarter stood at $63.7 million, an increase of 4.8 percent.

Profit before impairment allowance for the first half of the year was $79.1 million, an increase of 34.1 percent. Consolidated operating profit for the second quarter increased by 23.5 percent to $40.5 million. Total operating expenses for the first half fell to $45.1 million from $51.4 million. Operating expenses for the second quarter dropped to $23.2 million from $28 million a year earlier.

Equity attributable to shareholders was $1.11 billion for the first half, compared with $1.14 billion a year ago. The total assets of the group increased by 10.3 percent to $4.3 billion.

“We are pleased with the continued growth in profitably for the first half of 2018,” said GFH Chairman Jassim Alseddiqi. “Enhanced results and revenue generation for the period were supported by increased contributions from the group’s investment-banking business, where it continues to demonstrate a strong ability to identify and bring to the market unique investment opportunities.”

Hisham Alrayes, the group’s CEO, added “In line with the Group’s strategy, the ongoing growth in our investment-banking business continues to drive enhanced results and profitably. In particular, during the period, improvements in income generation came from a number of strategic deals, including our landmark investment in the UAE-based Entertainer, and a notable trophy real-estate asset in Chicago.”