LG Electronics has reported a 31.98% increase in sales turnover for the Middle East and Africa for last year compared to 2002.
The result takes the global digital leader through the US$1.5 billion mark for the first time in the region. At the same time, the company has cemented its regional market leadership in monitors, TVs, PDPs (plasma display panels), OSDs (optical storage devices) and split A/C sales.
"Our overall figures for 2003 show phenomenal growth in a number of market sectors and countries across the region," said KH Kim, President, LG Electronics, Middle East and Africa operations. "The performance is above target expectations and reinforces LG`s standing as the region`s number one consumer electronics brand.
"In washing-machines, vacuum cleaners and audio products, LG recorded regional sales increases of between 43% and 54%, but the biggest increases were in PDP and mobile phone sales.
"LG gained a massive 685% rise in revenues in the mobile phone arena, an area that is being targeted aggressively for some significant gains again this year. Plasma display sales have surged in the last 12 months and LG recorded a 70.59% increase in regional turnover last year."
LG`s biggest regional revenue earners last year were: Iran recording $398 million turnover; the UAE with sales of $246 million and SA with turnover of $235 million.
The countries recording the highest revenue increases in 2003 were Morocco at 88.24%, SA with a 58.79% increase and the UAE just behind with a 58.71% rise over 2002 figures.
"On a development note, LG opened its first office in East Africa with a new branch in Nairobi, Kenya."
Kim added that 2003 also saw LG develop a number of `world firsts` that propelled the Korean brand even further in unaided awareness throughout the Middle East and Africa.
LG Electronics also became the first company to commercially introduce home-network appliances to the region in 2003 with the launch of its microwave oven, washing machine and air-conditioning units that can all be connected to an Internet-enabled refrigerator that acts as a control hub.
"These premium products assisted in propelling LG Electronics regional brand profile to reach unaided awareness goals two years ahead of target," said Kim.
"Across the Middle East and Africa, LG now has an average of 50% unaided brand awareness and we are on course to achieve our overall ambition to place LG as top national brand in all operating countries by 2007. Our South African operation is already recognised as the most recognised electronics company in their country."
Buoyed by the strong 2003 returns, LG is now looking to break the $2 billion annual turnover mark throughout the Middle East and Africa this year.
"Our regional success is undoubted," said Kim. "LG has achieved excellent results in the last two years and will continue to do so."
Share