BusinessWeek puts LG on top of the world

The June 20 issue - 'Info Tech 100' - puts the spotlight on the world's most influential technology firms. Based on financial data from Standard and Poors, BusinessWeek evaluated performance over the past 12 months and ranked the leading players for total revenues, revenue growth, return on equity and shareholder return.

"LG Electronics is proud to lead a long line of prominent companies that deliver quality products, services and new technology to the industry and customers. I believe that LG's excellent performance stems from its efforts over the years to develop products equipped with the best life-enhancing technology for customers," said K H. Kim, President, LG Electronics Middle East and Africa.

BusinessWeek highlighted LG's worldwide progress. The report said, "Already the company is the largest maker of household air conditioners in the globe and the number three plasma-TV maker, while its joint venture LG-Phillips LCD is the world's top maker of liquid crystal displays for TVs.

"A late entrant to the cell-phone party, LG increased its handset sales to 44 million last year, from 6.9 million in 2000, and became the top supplier to US carrier Verizon Wireless. In the first quarter of this year, LG overtook Siemens in handsets to grab the number four spot, after Nokia, Motorola, and Samsung.

"Its goal is to be among the top three in two years. By 2010, it wants half of its sales to come from handsets, up from 28 per cent in 2004."
Last year LG's digital appliance sales in the Middle East and Africa accounted for US$832 million, home electronics US$785 million, IT products US$315 million and GSM handsets US$169 million. The company's biggest selling regional markets last year were Iran, accounting for US$388 million in turnover; the lower Gulf, notching up US$364 million in sales; and South Africa, reporting sales of US$344 million.

Turkey, registering sales of US$145 million, Iraq (US$65 million) and Morocco (US$112 million) were the fastest growing markets.
"We are committed to ensuring that our 'Life's Good' branding platform means something genuine to our valued customers," continued Kim. "We are the region's leading consumer electronics brand, a claim we make after studying the product and performance breakdown of our competitors.

The Middle East and Africa region is a strategic market for LG Electronics and contributes significantly to LG's global results. Continued sales growth has been achieved through an aggressive product launch calendar and intensive region-wide marketing initiatives. For 2005, LG is targeting overall regional sales of US$2.8 billion, a 34 per cent increase compared to 2004."

The InfoTech 100 list is compiled annually by Businessweek based on the results of 10,000 publicly traded corporations.