LG Electronics Middle East records 32 percent sales increase for 2003
LG Electronics has reported a 31.98 percent increase in sales turnover for the Middle East and Africa for last year compared to 2002.
The result takes the company through the $1.5 billion mark for the first time in the region, according to a press release. “In washing-machines, vacuum cleaners and audio products, LG recorded regional sales increases of between 43 percent and 54 percent, but the biggest increases were in PDP and mobile phones,” said President of LG Electronics, Middle East and Africa Operations, KH Kim.
“Plasma display sales have surged in the last 12 months and LG recorded a 70.59 percent increase in regional turnover last year while in mobile phones, LG gained a massive 685 percent rise in revenues.”
LG's biggest regional revenue earners last year were; Iran recording a $358 million turnover; the United Arab Emirates (UAE) with sales of $246 million and South Africa with turnover of $235 million.
The countries recording the highest revenue increases in 2003 were Morocco at 88.24 percent, South Africa with a 58.79 percent increase and the UAE just behind with a 58.71 percent rise over 2002 figures.
“Tunisia took a 36.12 percent hit on revenues in 2003 that can be attributed to financial restructuring at a macro-economic level by the Tunisian government and Central Bank,” said Kim. “Saudi Arabia used 2003 as a consolidation year, taking an opportunity to make refinements to its distribution profile and support network. The progress made and changes implemented should see this market achieve double-digit growth once more in 2004.” — (menareport.com)
© 2004 Mena Report (www.menareport.com)