LG Chem Reports 55.2 Trillion KRW in Sales and 2.5 Trillion KRW Operating Profit Last Year, Down 15.1% Year-on-Year

Petrochemicals, Regional Diversification and New Business Development in Full Swing
Advanced Materials, Increase in Anode Material Shipments

LG Chem announced on the 31st that it achieved consolidated sales of KRW 55.2498 trillion and an operating profit of KRW 2.5292 trillion last year. Sales increased by 8.4% compared to the previous year, but operating profit decreased by 15.1% year-on-year.

Regarding last year's performance, Cha Dong-seok, CFO (Chief Financial Officer) of LG Chem, said, "It was a year of extreme volatility due to external factors, including a continued downturn in the petrochemical industry caused by global demand slowdown, market concerns over electric vehicle demand, and a sharp drop in metal prices such as lithium, which affected sales and profitability."

Excluding LG Energy Solution, LG Chem's sales last year were approximately KRW 26.6 trillion. LG Chem has set its sales target for this year at KRW 27.8 trillion, a 5% increase from the previous year.

Regarding this year's business outlook, CFO Cha Dong-seok stated, "Although difficult management conditions will continue due to geopolitical risks in the Middle East, a slowdown in global economic growth, and electric vehicle demand growth, this year will be a turning point for substantial growth and profitability improvement in nurturing the three new growth engines through ▲regional diversification strategy in the petrochemical sector and full-scale fostering of Sustainability business ▲increased cathode material shipments through diversification of customer projects in the advanced materials sector ▲accelerated global clinical development centered on AVEO in the life sciences sector."

Meanwhile, LG Chem recorded consolidated results in the fourth quarter of last year with ▲sales of KRW 13.1348 trillion and ▲operating profit of KRW 247.4 billion. Sales decreased by 3.8% compared to the same period last year, but operating profit increased by 18.2%.

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