Samsung targets US$2.7 billion for 2004 MEA revenues

Samsung Electronics has announced plans to grow its revenues for the year 2004 by 35% to US$2.7 billion in the Middle East and Africa (MEA) region. The company said it would continue its performance in 2003, which notched sales revenue figures of US$2 billion.

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By  Maddy Reddy Published  March 1, 2004

Samsung Electronics has announced plans to grow its revenues for the year 2004 by 35% to US$2.7 billion in the Middle East and Africa (MEA) region. The company said it would continue its performance in 2003, which notched annual sales revenue figures of US$2 billion. “We intend to strengthen our position by introducing a range of innovative digital products that are consistent in line with our global vision of digital convergence. The growing Internet and PC penetration levels in the region, coupled with business and IT-friendly policies pursued by regional governments, will enable us to further build on this strong showing,” says B.W. Lee, president and CEO, Samsung MEA. Samsung attributes one of the most important drivers that have contributed to Samsung Electronics’ growth are its recent US$2.4billion investment in Research and Development (R&D) investments. The vendor currently operates through a network of more than 40 distributors across the Middle East and Africa. The company has also invested in a 3000 square metre service facility, located in the Jebel Ali Free Trade Zone in Dubai which is in its sixth year of operation. “We believe that our standards for growth and success should extend beyond revenue and should encompass our ability to add value to our customers and partners. In 2003, we focused on substantially strengthening our customer, distributor and partner relationships across the region through a variety of training programmes. We will continue to empower internal and external teams in 2004,” adds Lee. As part of the global strategy, Samsung has restructured its operations in the Middle East with B. W. Lee’s portfolio including the management responsibilities of Samsung Gulf Electronics in addition to Middle East and Africa operations.

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