Samsung tops $2 billion mark

The Korean consumer electronics giant says it achieved its ambitious regional sales target in 2003.

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By  David Ingham Published  March 3, 2004

Samsung, the Korean consumer electronics titan, said today that turnover in its Middle East and Africa region topped the US $2 billion market in 2003. Turnover in 2002 was $1.4 billion. The company said in a statement that it has set an ambitious target of US $2.7 billion for 2004. “At Samsung, we compete with ourselves,” said BW Lee, president and CEO, Samsung Middle East and Africa. “Every year, we set a target and aim to surpass it. “We are delighted to have repeated our performance and exceed the target. The other noteworthy factor is that this achievement was made during a year that witnessed a great deal of political and business tension in the region.” LG, another Korean company that competes in many of the same categories as Samsung, recently reported regional turnover of US $1.519 billion for 2003, year on year growth of 32%.

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