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LG Electronics Posts 32-Percent Sales Rise in Mideast, Africa
Feb 27, 2004
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LG Electronics, the South Korean consumer electronics and telecommunications giant, said that sales in the Middle East and Africa jumped 32 percent last year and predicted a strong 2004.

Sales in the Middle East and Africa exceeded U.S. $1.5 billion dollars in 2003, it said. The biggest regional revenue-earners were Iran, at U.S. $358 million dollars, the United Arab Emirates at $246 million, and South Africa at $235 million.

A company statement did not provide further figures.

"Our overall figures for 2003 show phenomenal growth in a number of market sectors and countries across the region," said K.H. Kim, LG Electronics president of 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."

Mr. Kim noted that the company had opened its first office in east Africa with a new branch in Nairobi, Kenya.

"Across the Middle East and Africa, LG now has an average of 50 percent 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," he said.

"Regionally, we will reinforce service marketing and bolster our service systems to raise LG's profile to number one in customer service indices in 21 countries by 2005."

The South Korean-group said it was looking to break the $2 billion annual sales mark throughout the Middle East and Africa this year.

Its products range from digital TVs and flat screens to video phones, security, and automatic banking systems.

The group operates 72 subsidiaries around the world with a workforce of more than 55,000.

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