LG celebrates a record 2022, driven by automotive and household appliances

LG communicated i financial results for 2022 and the numbers printed a more evident and relaxed smile on the face than the one that undoubtedly also appeared at the end of the third quarter, in November. 2022 for the Korean “big” was the year with the highest turnover everthe one in which the threshold of 80 trillion won in turnover was exceeded for the first time in the company’s history, which at current exchange rates is equivalent to almost 60 billion eurosi.e. 12.9% more than in 2021 when the 70 trillion won mark was exceeded for the first time.

2022 revenue growth was driven by strong demand for automotive parts and home appliances. “White” grows significantly for the seventh consecutive year, while the automotive division in 2022 had a turnaround “reflecting the constant improvements in the automotive industry”contributing 10% of overall revenue for the first time.

LG Home Appliance & Air Solution Company reported 2022 revenues of 29.9 trillion won, up 10.3% year-on-year, and operating profit, however, decreased by KRW 1.1 trillion compared to 2021 due to higher investments in higher marketing and logistics costs. For the future, LG intends to continue its strategy of developing high-end products by improving their competitiveness, consolidating the range of “mass” products and improving profitability through different cost management.

LG Home Entertainment Company reported revenue of 15.7 trillion won and operating profit of KRW 5.4 billion. “Although declining global TV demand impacted revenues and operating profit compared to 2021, LG’s smart TV platform-based content and services business has grown up to tenfold since 2018”. The forecast is that the difficulties of the economic context will persist, so the focus will be on the expansion of the smart platform and on the development of high-end TVs.

LG Vehicle Component Solutions Company in 2022 it sent up revenues by 29.1%. Growth has been driven by the ability to shape supply on the growing demand for components. “As of the end of 2022, the total accumulated order value for vehicle components is approximately KRW 80 trillion, reflecting the company’s position as a leading supplier to the global automotive industry”. For the future we intend to continue on this path, strengthening the supply chain and working at the same time to increase profitability through efficient cost management.