Tuesday, 08 February 2022 21:47

LG announces 2021 financial results

Written by Evelyn Alas

LG Electronics (LG) continued its strong performance in 2021, achieving its highest annual revenue ever with annual sales of 74.72 trillion Korean won (KRW) (USD 63.16 billion).

This 28.7% increase over 2020 was mainly attributed to higher sales of premium home appliances and OLED TVs. Operating profit of KRW 3.86 trillion (USD 3.27 billion) was essentially unchanged, declining 1% year-on-year.

LG also reported record fourth-quarter sales with revenue of KRW21.01 trillion (US$17.76 billion), up 20.7% from the same quarter last year.

Operating profit of KRW677.7 billion (US$572.87 million) in the quarter decreased 21.4% from the same quarter last year due largely to factors such as higher raw material costs and global logistics.

As challenging business conditions persist in 2022, LG remains on course to strengthen competitiveness by further improving its cost structure and continuing to expand the presence of its premium home appliances and TVs in the global market.

LG Home Appliance Air Solution Company posted another record year with revenues in 2021 of KRW 27.11 trillion (US$22.92 billion), up 21.7% year-on-year, driven largely by strong performance in new home appliance categories such as hygiene products.

Annual operating profit of KRW 2.22 trillion (US$1.88 billion) was 2.9% lower than the previous year due to higher raw material costs and global logistics.

Record fourth quarter revenue of KRW 6.52 trillion (US$5.52 billion) was 17.7% higher than in the same period of 2020.