Strong growth for LG Electronics

LG Electronics announced 2020 revenues of KRW 63.26 trillion (56.45 billion dollar) and operating profit of KRW 3.20 trillion (2.85 billion dollar), recording an increase of 31.1 percent over 2019, 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 reached KRW 18.78 trillion (16.76 billion dollar) grew 16.9 percent from the same period of 2019 and were 11 percent higher than the previous quarter. Despite the impact of Covid-19, the quarter’s operating profit of KRW 650.20 billion (580.19 million dollar) increased by 539 percent compared to the fourth quarter of 2019. Regarding the products areas, the LG Home Appliance & Air Solution Company ended the year with 2020 revenues of KRW 22.27 trillion (19.87 billion euro), an increase of 3.5 percent compared to the previous year, and operating profit of KRW 2.35 trillion (2.10 billion dollar). According to LG Electronics, 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 (4.94 billion dollar) was the highest fourth quarter in the company’s history, an increase of 20 percent year-on-year with double digit growth in South Korea, North America and Europe.
«While Covid-19 and slow economic recovery remain concerns for 2021, – they say from the company – LG expects the global economy to normalize under the sound fiscal policies of world governments and the successful implementation of vaccinations. In 2021, core technologies such as AI, 5G, IoT and mobility will be widely applied to various LG business areas».