We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 3 Feb 2003 04:00 AM

Font Size

- Aa +

LG Electronics strikes gold

LG Electronics announced a turnover of $1.15 billion in the Middle East and Africa region last year.

LG Electronics announced that it had a turnover of $1.15 billion in the Middle East and Africa region last year. The biggest selling regional markets for the company are currently Iran ($253 million), UAE ($155 million) and Saudi Arabia ($149 million). The company also announced that it is aiming at raking in $2.5 billion by the year 2005. “This record-breaking performance is due to many factors,” stated M B Shin, president, LG Electronics Middle East and Africa. “We implemented a very focused strategy across certain product categories, which greatly enhanced our after-sales service operations region-wide.”LG reported that the percentage of sales of its proproetary branded products grew 38% regionwide following its decision, last year, to reduce OEM product supplies to secondary equipment manufacturers. “Regional OEM sales fell by 29% last year, which is a good start. However, in 2002, 90% of our total regional sales were for LG branded products,” explained Shin. This year, LG’s budget for research and development has been raised by 20% — amounting to 1.15 billion dollars. LG’s resolutions for the new year include selling 1.5 million mobile phones in the region, expanding its sales and service networks to rural areas and investing in training for channel partners.

Arabian Business: why we're going behind a paywall

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.

Read next