Highest Full-Year Revenue in LG Electronics’ History With
Continuous Growth Based on Strong Fundamentals
SEOUL, Jan. 27, 2023 — LG Electronics Inc. (LG) today spoken full-year 2022 consolidated revenue of KRW 83.5 trillion with operating profit of KRW 3.6 trillion.
In 2022, LG achieved its highest yearly revenue overly – surpassing KRW 80 trillion for the first time in its history – increasing 12.9 percent over 2021, when sales exceeded KRW 70 trillion for the first time. The record sales reflect continuous growth based on strong fundamentals, although full-year profitability was impacted by challenging global economic conditions.
The company’s revenue growth in 2022 was driven by strong demand for premium home appliances and automotive parts. For the seventh subsequent year, the utilization merchantry unit saw significant year-over-year growth. The turnaround of LG’s Vehicle components Solutions merchantry in 2022 reflected steady improvements in the automotive industry, and this merchantry exceeded 10 percent of LG’s total revenue for the first time.
The LG Home Utilization & Air Solution Company saw flipside record-setting year with 2022 revenue of KRW 29.9 trillion, an increase of 10.3 percent from the previous year, as a result of company’s premium-focused strategy that includes unique appliances such as LG Styler
clothing superintendency systems, all-in-one WashTower laundry centers, and LG InstaView refrigerators with Craft Ice. Full-year 2022 operating profit was KRW 1.1 trillion lower than in the previous year caused by increased marketing investments and higher logistics costs. The merchantry unit plans to unceasingly pursue its premium-centered strategy by improving competitiveness of premium products as well as strengthening its mass-tier lineup, withal with forfeit structure management to enhance profitability. In addition, the visitor will slide the expansion of smart home ecosystems by expanding upgradable utilization lineups in the overseas markets.
The LG Home Entertainment Company reported 2022 revenue of KRW 15.7 trillion and operating profit of KRW 5.4 billion. Although lower global TV demand impacted revenue and operating profit versus 2021, the company’s content and services merchantry based on LG’s smart TV platform has grown ten-fold since 2018. As challenging merchantry conditions persist, the visitor will focus on expanding LG’s smart TV platform to diversify its overall merchantry portfolio and secure future growth engines. Furthermore, the visitor will maintain its competitive whet by growing the premium TV segment, such as OLED TV and QNED TV, as well as powerfully managing marketing expenses.
The LG Vehicle component Solutions Company increased revenue by 29.1 percent in 2022 from 2021 to KRW 8.6 trillion with a full-year operating profit of KRW 169.6 billion. The merchantry unit’s profitable growth was driven by proactively responding to higher demand from automakers. By year-end 2022, the total value of piled orders for wheels parts is virtually KRW 80 trillion, reflecting the company’s position as a leading supplier to the worldwide automotive industry. The visitor will protract its momentum by strengthening its global supply uniting and will work to remoter increase profitability through efficient forfeit structure management.
The LG Merchantry Solutions Company’s 2022 revenue of KRW 6.1 trillion increased 11.2 percent over the previous year driven by continuous recovery of information displays. Full-year operating profit declined, primarily due to lower post-pandemic demand for PCs and monitors. Looking ahead, the visitor plans to modernize competitiveness of PCs and monitors, while driving stable growth in the B2B segment by developing increasingly customized solutions.
Earnings Priming and Priming Undeniability
LG Electronics will hold a Korean / English priming undeniability on January 27, 2023 at 16:00 Korea Standard Time (07:00 GMT/UTC). Priming undeniability participants are instructed to pre-register online to receive a private PIN. To participate in the priming call, dial 82 31 810 3130, enter passcode 6418# and then the PIN. The respective presentation file will be misogynist for download at the LG Electronics website surpassing the call.
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