LG records 21% increase in Middle East turnover
LG Electronics (LGE)’ turnover throughout the Middle East and Africa reached $1.15 billion in 2002, 21 percent up on 2001. LG's biggest selling regional markets last year were Iran, accounting for $253 million in turnover, the United Arab Emirates (UAE), turning in $155 million in sales and Saudi Arabia, reporting $149 million.
Its percentage of sales of its propriety branded products grew 38 percent region wide following its decision, last year, to reduce OEM product supplies to secondary equipment manufacturers in a bid to firm up its brand control.
Major sales gains were reported in Morocco, where performance soared by 61.9 percent to take annual turnover to $34 million, in Tunisia, where sales rose 44 percent to $39 million and in Egypt, which reported a 40 percent improvement to $35 million.
LGE's regional television sales improved 16.5 percent on the year to December 2002 accounting for $305 million in turnover. Regional sales of split a/c products rose 25 percent to $225 million. Regional monitor performance rose 24.4 percent to $133 million. CD-Rom multi-media sales increased 39.2 percent to $39 million.
LGE posted record first-half Middle East sales in the first half of 2002, revealing a 19 percent increase compared with the same period in 2001. Regional sales turnover for the first six months of the year amounted to $581 million. — (menareport.com)
© 2003 Mena Report (www.menareport.com)