LG Middle East sales up 22 percent in 1H 2003
Korea’s LG Electronics has reported a 22 percent rise in its Middle East and African sales in the first half of 2003 compared to the first six months of 2002, producing a regional sales turnover for the period of $709 million.
Ten out of the LG region's 12 area bases recorded positive growth with only Jordan and Tunisia falling into negative territory. Top performing countries were Iran, which produced a sales turnover of $162 million, up 36.10 percent on the first six months of 2002, and the United Arab Emirates (UAE), which returned turnover of $119 million, a rise of 48.3 percent over the same period.
Higher UAE sales have been accredited to boosting the available GSM and monitor range, the increase in central air-conditioning sales, including some high-profile project account wins and increased awareness of the brand's PDP range.
Over the past six months, countries producing the biggest percentage sales increases were Egypt, Pakistan and Morocco. Egypt recorded a 76.3 percent rise in first half sales, with a turnover of $72.5 million. Pakistan's half-year sales were up 76.1 percent to $37 million and Morocco's rose 71.9 percent to $24.87 million.
Regionally, top performing product sectors for the first six months were air conditioners, which earned $168 million, an increase of 19.36 percent, TVs, which brought in $149 million, a rise of 4.1 percent, and IT monitors, which accounted for $84 million, a growth of 27.2 percent. — (menareport.com)
© 2003 Mena Report (www.menareport.com)