LG rakes in the revenue

LG Electronics achieved a 31.98% increase in sales turnover for the Middle East & Africa last year compared to 2002 as Iran and the UAE proved their worth.

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By  Matthew Southwell Published  February 23, 2004

LG Electronics achieved a 31.98% increase in sales turnover for the Middle East & Africa last year compared to 2002. The countries recording the highest revenue increases in 2003 were Morocco at a whopping 88.24% and the UAE just behind with a 58.71% increase over 2002 figures. During 2002, Iran recorded US$358 million in turnover for LG, while the UAE delivered sales worth US$246 million. In total, the MEA region topped the US$1.5 billion mark for the first time in LG’s history. “Our overall figures for 2003 show phenomenal growth in a number of market sectors and countries across the region,” says K. H. Kim, president of LG Electronics’ MEA operations. “The performance is above target expectations and reinforces LG’s standing as the region's number one consumer electronics brand," he adds. Although the electronics giant recorded impressive growth throughout its stable of white goods, it was the vendor’s technology kit that excelled, and in particular its plasma displays and mobile phones. “Plasma display sales have surged in the last 12 months and LG recorded a 70.59% increase in regional turnover last year while in mobile phones, LG gained a massive 685% rise in revenues,” confirms Kim.

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