In its best-ever regional performance, LG Electronics turned in 2002 sales of $1.151 billion — ahead of its ambitious $1.13 billion yearly target and 21 percent up on 2001. Saudi Arabia emerged among the digital leader’s top three performing region-al markets the Middle East and Africa. The 2002 regional results saw LG become the region’s premier supplier across five product categories and its number one consumer electronics provider. "This record-breaking performance is due to several factors and initiatives," said M.B. Shin, president, LG Electronics Middle East & Africa. "We implemented a very focused strategy across certain product categories and greatly enhanced our after-sales service operations regionwide. We are now undoubtedly the region’s leading consumer electronics supplier — a claim we make after studying the product breakdown of our competitors’ performances." Shin continued, "The particularly good news is that we are now the regional leader in new plasma display panel (PDP) installations for which sales recorded a dramatic 143 percent increase delivering turnover of $17 million." LG is doing well in its entry to the GSM market in the lower Gulf with a range of mobiles targeted at various income segments. LG sold $20 million worth of mobiles in the region last year and is planning to widen its scope with entry into more regional markets and an increased product line-up. This year LG plans to launch eight new models, including three-color phones and a camera phone. "In the coming year, we are targeting a massive 650 per-cent increase in regional mobile sales eyeing turnover of $150 million — which translates to 1.5 million handsets. We have upscaled our target from the original one million because of the excellent reception our GSM range has received," said Shin. "We will achieve this extremely ambitious target by enhancing our sales network with the entry into markets such as Saudi Arabia, Kuwait, Morocco, Egypt and various African countries, as well as the fast introduction of new models to market." A recent brand equity index survey commissioned by LG Electronics revealed that the company had achieved 45 percent unaided brand aware-ness throughout the Middle East and Africa. In Saudi Arabia, LG emerged as brand champions with 69 percent unaided brand awareness. "We now plan to enhance our sales network to rural areas, particularly in North Africa and Saudi Arabia, to strength-en our relationships with medium-sized dealers and with shop floor salesmen," said Shin.
