Samsung targets 10% revenue growth in Africa

Samsung Electronics Co. is targeting an annual 10 percent increase in revenue from Africa over the next decade, even as competition from cheaper consumer devices intensifies.

The South Korean company will concentrate on key markets including South Africa, Kenya, Nigeria, Ghana and Senegal, according to Africa Chief Executive Officer Sung Yoon.

The more mature of those markets are expanding at between 5 percent and 10 percent a year, he said in an interview in the Kenyan capital, Nairobi.

Televisions will continue to be a top selling product for Samsung in the next two decades, driven by young people using over-the-top services, he said, and mobile phones are the company’s fastest-growing devices.

Samsung takes second place on African phone sales at 22 percent, according to researcher Canalys.

Over-the-top platforms allow the delivery of film, music, and TV content via the internet without traditional subscription packages. All Samsung products sold on the continent will have Internet-connection capabilities by 2020, Yoon said.

Now read: Samsung Galaxy S9 is cheaper than Apple’s “affordable” iPhone in South Africa – Which would you buy?

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Samsung targets 10% revenue growth in Africa