Search DubaiPRNetwork.com

Dubai and UAE

Monday, January 30, 2023/ Editor

Home >> Business and Economy

LG Announces 2022 Financial Results

LG Announces 2022 Financial Results

Home >> Business and Economy

Highest Full-Year Revenue in LG Electronics’ History with Continuous Growth Based on Strong Fundamentals

DUBAI, January 30, 2023 — LG Electronics Inc. (LG) announced full-year 2022 consolidated revenue of KRW 83.5 trillion with operating profit of KRW 3.6 trillion. 

In 2022, LG achieved its highest annual revenue ever – 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 2022 was driven by strong demand for premium home appliances and automotive parts. For the seventh consecutive year, the appliance business unit saw significant year-over-year growth. The turnaround of LG’s Vehicle components Solutions business in 2022 reflected steady improvements in the automotive industry, and this business exceeded 10 percent of LG’s total revenue for the first time. 

The LG Home Appliance & Air Solution Company saw another 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 care 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 business unit plans to consistently pursue its premium-centered strategy by improving competitiveness of premium products as well as strengthening its mass-tier lineup, along with cost structure management to enhance profitability. In addition, the company will accelerate the expansion of smart home ecosystems by expanding upgradable appliance 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 business based on LG’s smart TV platform has grown ten-fold since 2018. As challenging business conditions persist, the company will focus on expanding LG’s smart TV platform to diversify its overall business portfolio and secure future growth engines. Furthermore, the company will maintain its competitive edge by growing the premium TV segment, such as OLED TV and QNED TV, as well as effectively 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 business unit’s profitable growth was driven by proactively responding to higher demand from automakers. By year-end 2022, the total value of accumulated orders for auto parts is around KRW 80 trillion, reflecting the company’s position as a leading supplier to the worldwide automotive industry. The company will continue its momentum by strengthening its global supply chain and will work to further increase profitability through efficient cost structure management. 

The LG Business 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 company plans to improve competitiveness of PCs and monitors, while driving stable growth in the B2B segment by developing more customized solutions. 

 

Share


Previous in Business and Economy

Next in Business and Economy


Home >> Business and Economy Section

Latest Press Release

Return to Ritual: Celebrate Self-Care Month with BUFARMA Skincare

Dubai Government Human Resources Department organises 2nd Human Resources Forum of 2025 to discuss e ...

Dubai Customs and Dubai Police: A strategic partnership to protect the homeland and to promote stabi ...

Rediscover family shopping days: REDTAG opens its doors in Al Ain

Dubai Culture Launches Open Call for 14th Sikka Art & Design Festival

Summer Restaurant Week Returns This DSS with Over 65 Exclusive Dining Deals Across Dubai

Julien Calloud Appointed CEO of SAVOYE to Lead a New Era of Performance and Innovation

Zoho Powers Up CRM for Everyone Platform with AI to Elevate Customer Experience

Media's Role in the Age of Algorithms By HH Sheikha Latifa bint Mohammed bin Rashid Al Maktoum

VinFast VF 8: The Premium Electric SUV Empowering a New Generation of Entrepreneurs in the UAE

Enter the Jurassic Era at VOX Cinemas

NYUAD Researchers Find Link Between Brain Growth and Mental Health Disorders

Emirates reit reports a strong Q1 2025 with 24% increase in property income

Impressive Emirati Victory at Inaugural Snow Duathlon in Ski Dubai with 209 Athletes from 49 Countri ...

Dubai Land Department encourages Emirati citizens to join the Dubai Real Estate Broker Programme

Tabreed and CVC DIF to acquire Abu Dhabi's PAL Cooling from Multiply Group

UAE Team Emirates-XRG take home five National Championship victories

Porsche Centre Abu Dhabi & Al Ain Leads Region with First Manthey Kit Installation on 911 GT3 RS

“Redefining University Leadership for the Future” Held as Part of the Sixth Conference of University ...

Dubai Summer Surprises 2025 Starts Today With Over 7,500 Offers, Free Things to Do, and the Season's ...