LG Electronics Reports 84.2 Trillion KRW in Sales Last Year... Breaking Record for 3 Consecutive Years (Update)

LG Electronics announced on the 8th that it achieved a cumulative consolidated sales of KRW 84.2804 trillion last year, setting a record high for three consecutive years.

LG Twin Towers, Yeouido, Seoul. Photo by Jinhyung Kang aymsdream@

Operating profit was tentatively estimated at KRW 3.5485 trillion, a 0.1% decrease compared to the previous year. Operating profit for the fourth quarter of last year was KRW 312.5 billion, an increase of 350.9% year-on-year. Sales amounted to KRW 23.1567 trillion.

The provisional results announced on this day are estimates based on the Korean International Financial Reporting Standards (K-IFRS). LG Electronics plans to announce the finalized results, including consolidated net profit for 2023 and business division performance, at the earnings conference scheduled for the end of this month.

LG Electronics self-assessed, "Despite delayed demand recovery due to economic slowdown and intensified competition in the market, we achieved business performance comparable to the past pent-up demand period."

Regarding annual sales, it analyzed, "While maintaining a solid fundamental strength in core businesses, growth in the business-to-business (B2B) sector contributed to recording an all-time high. Over the past three years, LG Electronics’ compound annual growth rate (CAGR) in sales exceeded 13%. Annual operating profit also maintained a robust performance at the level of the previous year."

In particular, despite the continued challenging external environment last year, LG Electronics viewed that efforts to advance the business portfolio?such as early identification of market inflection points in response to demand decline and achieving high growth in the B2B business?drove the performance. It also analyzed that business model innovation, diversifying from a product-centered business structure to include content and services, contributed to securing profitability.

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