LG Electronics Inc. announced its 2020 revenues of KRW 63.26 trillion (USD 56.45 billion) and record operating profit of KRW 3.20 trillion (USD 2.85 billion), an increase of 31.1% over 2019. In a statement, the company claims that growth was driven primarily by higher sales of premium home appliances and OLED TVs as well as strong growth in vehicle component solutions.
Sales in the fourth quarter of KRW 18.78 trillion (USD 16.76 billion) grew 16.9% from the same period of 2019 and were 11% higher than the previous quarter. Despite the impact of COVID-19, the quarter’s operating profit of KRW 650.20 billion (USD 580.19 million) increased significantly by 539% compared to the fourth quarter of 2019.
For 2021, LG expects the global economy to normalize after successful implementation of vaccinations. The company claims that core technologies such as AI, 5G, IoT and mobility will be widely applied to various LG business areas.
The LG Home Appliance & Air Solution Company ended 2020 with revenues of KRW 22.27 trillion (USD 19.87 billion), an increase of 3.5% from the previous year, and operating profit of KRW 2.35 trillion (USD 2.10 billion). The company claims that results reflect increased sales of new appliance categories and the home appliance rental business in South Korea. Fourth-quarter revenue of KRW 5.54 trillion (USD 4.94 billion) was the highest fourth quarter in the company’s history, an increase of 20% year-on-year with double-digit growth in South Korea, North America and Europe.
The LG Home Entertainment Company reported 2020 revenues of KRW 13.18 trillion (USD 11.76 billion) and operating profit of KRW 969.70 billion (USD 865.29 million), a 22.9% increase over the previous year.
The LG Mobile Communications Company announced full-year 2020 revenues of KRW 5.22 trillion (USD 4.66 billion). Fourth-quarter sales of KRW 1.39 trillion (USD 1.24 billion) were 4.9 % higher than the same quarter of 2019 but 9.2 % lower than the previous quarter due to shortages of 4G chipsets and sluggish sales of premium smartphones in overseas markets.
January 29, 2021 at 11:12PM
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LG Electronics announces record operating profit in 2020 - Mint
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