LG Electronics experiences 15 percent annual growth in 2001
LG Electronics reported a 15 percent increase in product sales throughout the Middle East and Africa in 2001. LGE’s sales throughout the region reached $949 million despite a series of regional economic and trading challenges, confirmed a press release.
Sale increases came across the board in both product and country profile, with the exception of Turkey. The United Arab Emirates recorded a 29.50 percent sales growth, with its turnover reaching $114 million, while Saudi Arabia produced an 18.27 percent sales increase with turnover touching $110 million.
In 2001, LGE’s regional television sales grew 11 percent to reach $262 million, air conditioner sales rose 18 percent to $179 million, monitor sales increased 23 percent to $106 million while sales of CD-Rom products soared 75 percent to $28 million.
“Gains also resulted from our B2B internet service initiative with a monthly average of 73 percent of total orders last year being placed over this site. In 2000, it used to take 11 days to process an order and receive payment confirmation, this on-line service has now reduced this to just one hour during a normal business day,” said President of LG Electronics’ Middle East and Africa Operations, M. B. Shin.
Slated for the Middle East and North African market entry this year are new cutting-edge digital audio, video, home theatre and DVD products, plus additions to LGE’s Flatron televisions and monitors, an enhanced PDP line-up, air conditioners, refrigerators, vacuum cleaners and microwave ovens. Also due out are various new IT product launches. — (menareport.com)
© 2002 Mena Report (www.menareport.com)