LG MEA posts over 50pc H1 regional sales growth

DUBAI — Officials of LG Electronics for the Middle East and Africa (MEA) have reported a 40-per cent increase in sales in the UAE for the first-half of 2007, adding that total turnover in Gulf countries rose over 50 per cent to Dh991.66 million ($270 million).

By Jose Franco

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Published: Wed 29 Aug 2007, 8:57 AM

Last updated: Sat 4 Apr 2015, 9:31 PM

KW Kim, president of LG MEA, expressed confidence in a speech yesterday that the company would achieve its regional sales target of Dh12.12 billion ($3.3 billion) for the whole year.

Already, turnover in MEA had increased by 25 per cent to Dh6.151 billion ($1.675 billion) from January to June, as compared to the same period last year.

"This year remains one of the best times ever for LG," Kim said. "Our half-year performance worldwide has been impressive and the Middle East has charted exceptional growth over the past seven months. In all areas of our business, we are reporting spectacular growth." Stephen Min, general manager of notebook PC division, LG MEA, said the turnover growth in the UAE for all LG products was 30-40 per cent while that in Saudi Arabia was 40-50 per cent.

Kim said the Gulf countries had a total half-year turnover of Dh991.66 million ($270 million), representing a growth rate of over 50 per cent, but added that Saudi Arabia, South Africa, Iran and Turkey are its key markets. He said that for the first six months, Saudi Arabia had a turnover of Dh440.74 million ($120 million) while South Africa had Dh789.65 ($215 million), Iran - Dh716.18 million ($195 million), and Turkey - Dh459.1 million ($125 million). The sales volume for Morocco grew by over 50 per cent.

"This spectacular regional growth is due to LG's relentless efforts to unearth consumer insights and develop design-led and innovative products," Kim said. "In the past few months, LG has been successful in launching truly inspirational products." Kim said LG MEA, a part of South Korea's LG Electronics Inc., will spend the remaining months expanding its customer base in the region by introducing innovative products that enhance the quality of consumer lifestyle.

He added that the company always strives to understand the needs of its clients, and has been communicating well with the target market through in-depth research and development programmes. "This year, our marketing strategy focuses on communicating directly with end consumers," he said. "We will continue to build and create relationships in our aggressive drive to emerge as the leading brand across the region." He said that the LG notebook PC business in MEA had a significant turnover of Dh135.9 million ($37 million) for the first-half, or a 10-per cent increase from a year-ago period, while the sales in LCD TV grew by 300 per cent to Dh422.36 million ($115 million). The turnover for LG's optical storage devices rose by 42 per cent to Dh183.65 million ($50 million).

LG Electronics is a global technology innovator in consumer electronics, home appliances and mobile telecommunications. It has 82,000 employees in its 110 operations worldwide.

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