LG reports 15% sales growth; expansion of product range

LG Electronics has reported a 15 per cent increase in product sales throughout the Middle East and Africa for the last year, averaging at $949 million in 2001 despite the economic slump worldwide.

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By  Vijaya George Published  January 15, 2002

LG Electronics has reported a 15 per cent increase in product sales throughout the Middle East and Africa for the last year, averaging at $949 million in 2001 despite the economic slump worldwide.

“This result is quite remarkable when viewed against the various unexpected business issues faced last years, particularly some unique situations in this region,” said M. B. Shin, president, LG Electronics Middle East and Africa operations. The UAE recorded a sales growth of 29.5 per cent with a turnover reaching $114 million, while Saudi Arabia had a turnover approximating $ 110 million.

“Regional highlights last year were the successful completion of the first full year of operations for our new Egyptian operation, consolidation in the Moroccan market, upgraded product offerings in Iran, enhanced distribution and marketing initiatives in Algeria and successful regional penetration of new product sectors,” commented Shin. He also added that the B2B service from www.lgesvc.co.ae had brought in much revenue with “73% of total orders last year being placed over the site.” LG has improved its services by ensuring that an order which initially took 11 days to process now takes only one.

Anticipating a further 16 per cent growth in sales this year, LG has decided to enter the GSM mobile segment as well. A new range of audio-visual products and an enhanced PDP line-up are slated for entry into the Middle East market later this year. Shin commented that the company is talking with partners to develop pocket computers in the USA and mentioned that if it had the right partnerships, would consider similar launches in the Middle East region as well.

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