LG notches up solid growth figures
After a stellar year LG Electronics’ IT division has experienced year-on-year growth of 32% across the Middle East and Africa and posted sales of US$365m for the first six months of 2004.
After a stellar year LG Electronics’ IT division has experienced year-on-year growth of 32% across the Middle East and Africa. The IT division — comprising plasma display panels, TV hardware, monitors and ODD product — posted sales of US$365m for the first six months of 2004, up from US$277m for the same period the year before. LG claims that this growth has propelled it to the number one spot in the region.
“We are now the region’s leading supplier, a claim we make after studying the product breakdown of our competitors’ performances,” said K. H. Kim, president of LG Electronics, Middle East and Africa operations. “The Middle East and Africa region is a strategic market for LG Electronics and contributes significantly to LG’s global results. Continued sales growth and performance has been achieved through an aggressive product launch calendar and intensive region wide marketing initiatives. Our aim is to be number one across the entire region and we are on track to achieving that.”
Top performing markets for LG Electronics were Turkey, which produced a sales turnover of US$72m, up 148% compared to the first six months of 2003, Tunisia which posted results of US$27m, an increase of 125% over the same period, and Morocco which posted a turnover of US$53m and a rise of 113%. Major sales gains were also reported in South Africa, UAE, Egypt and the Ivory Coast.
The market of most interest is Iran. LG has invested heavily in the country and has production facilities and service centres for monitors and other IT product. The Korean vendor posted sales of US$201m for the first half of this year in Iran, a 24.1% growth over the corresponding period last year. “Iran is LG’s biggest market in the Middle East,” said Kim. “We are a leading brand in all major IT product segments.”