By Shahd Alhamdan
BARCELONA — LG Electronics, a global leader and technology innovator, is focused on introducing energy-saving products to the Saudi market in line with the government’s Vision 2030 program that aims to save energy and lessen dependency on oil, among others.
Eddie Jun, president of LG Electronics Saudi Arabia, made this revelation during the company’s annual two-day innovation event “InnoFest 2017” in Barcelona, to reinforce LG’s position in the global consumer electronics and appliance industries.
Launching several new technologies at the event, the president of LG Electronics Saudi Arabia also disclosed the company’s plans to expand more in the Kingdom in order to further enhance the customers’ experience.
Jun moreover said since all products such as air-conditioners and refrigerators consume a lot of electricity, so the company will bring the inverter technology to the market. These products would contribute to the Saudi Vision since they will reduce the usage of electricity and lead to energy efficiency.
“New products for 2017 will be in the Kingdom. We already introduced the TWINWash washing machine which features a large top washer and a smaller pedestal washer, the LG TWINWash Mini — giving the power to wash two loads of laundry on two different cycles concurrently.
He also said that LG is planning to expand the number of stores in Saudi Arabia from the current 40.
LG showcased its 2017 premium product line-up during Innofest 2017 that was held on Feb. 15-16 and attracted over 250 retailers, partners and customers from across the Middle East and Africa, including the LG Signature Oled TV, LG Signature Refrigerator, the LG Signature TWINWash washing machine and the LG Signature Air Purifier.
LG recorded a good market share last year, although there was a reduction in the technology segment. The company is expecting to increase the market share by With the launch of premium products, LG is expecting to increase the market hold.
LG reported a revenue of around $47.92 billion in 2016, with a net income of around $109.31 million. LG’s operating profit last year was around $1.16 billion, a 12.2 percent increase from 2015 due in large part to strong performance by home appliances, air conditioners and home entertainment.