LG Chem Achieves Record High Performance Last Year... "Targeting 60 Trillion Won in Sales by 2030"

Last Year Sales of 42.6547 Trillion KRW and Operating Profit of 5.0255 Trillion KRW
"Investing Over 4 Trillion KRW Annually in 3 Major New Growth Businesses"

[Asia Economy Reporter Moon Chaeseok] LG Chem recorded its highest-ever annual sales and operating profit last year. Based on this, the company set a goal to achieve 60 trillion KRW in sales by 2030 by investing more than 4 trillion KRW annually in three new growth engines: eco-friendly materials, battery materials, and global new drugs.

LG Chem announced on the 8th that its consolidated operating profit for last year was tentatively estimated at 5.0255 trillion KRW, a 178.4% increase compared to the previous year.

Sales reached 42.6547 trillion KRW, up 41.9% year-on-year. Net profit increased by 479.4% to 3.9539 trillion KRW.

Last year's annual sales and operating profit were record highs.

Cha Dongseong, LG Chem's Chief Financial Officer (CFO) and Vice President, explained, "Despite rapid management changes such as logistics and vehicle semiconductor supply shortages, rising raw material costs, and battery recalls, we achieved record growth with increased sales and operating profit across all business sectors based on a differentiated business portfolio and product competitiveness."

Operating profit in the fourth quarter of last year was 748.4 billion KRW, a 521.2% increase compared to the same period last year. Sales and net profit were 10.9487 trillion KRW and 336.8 billion KRW, respectively.

In the fourth quarter, although profitability in the petrochemical and advanced materials sectors declined somewhat compared to the previous quarter due to stabilization of petrochemical demand and vehicle semiconductor supply issues, LG Chem explained that sales growth continued despite regular maintenance of major production lines.

LG Chem projected this year's sales, excluding the battery business LG Energy Solution, on a direct business basis, to increase by 4% from the previous year to 27 trillion KRW.

Facility investment is expected to increase by 1 trillion KRW from the previous year to about 4.1 trillion KRW, accelerating investments focused on the three new growth engines: ▲ eco-friendly materials ▲ battery materials ▲ global innovative new drugs.

Through a separate mid- to long-term strategy disclosure, LG Chem announced plans to achieve 40 trillion KRW in sales by 2026 and 60 trillion KRW by 2030 on a direct business basis excluding LG Energy Solution and Pharmanong.

Breaking down the 30 trillion KRW sales target for 2030 by sector, the company set 8 trillion KRW for eco-friendly materials-centered business, 21 trillion KRW for battery materials-centered business, and 1 trillion KRW for global innovative new drug business.

LG Chem stated, "We plan to invest more than 4 trillion KRW annually until 2030," adding, "We will maximize corporate value and shareholder value through sustainable growth."

LG Chem announced that the dividend for the last fiscal year will be a cash dividend of 12,000 KRW per common share and 12,050 KRW per preferred share. The dividend yield is 1.9% for common shares and 4% for preferred shares, with a total dividend amount of 935.27501 billion KRW.

This content was produced with the assistance of AI translation services.