LG Electronics has announced a strong year with 2020 revenues of KRW 63.26 trillion (€46.5bn) and record-setting operating profit of KRW 3.20 trillion, an increase of 31.1 per cent 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 of KRW 18.78 trillion grew 16.9 per cent from the same period of 2019 and were 11 per cent higher than the previous quarter. Despite the impact of Covid-19, the quarter’s operating profit of KRW 650.20 billion increased significantly by 539 per cent compared to the fourth quarter of 2019.
In 2021, core technologies such as AI, 5G, IoT and mobility will be widely applied to various LG business areas.
The LG Home Entertainment Company reported 2020 revenues of KRW 13.18 trillion and operating profit of KRW 969.70 billion, a 22.9 per cent increase over the previous year. Sales in the quarter of KRW 4.28 trillion were 7.9 per cent higher than the fourth quarter of 2019 and up 16.7 per cent from the previous quarter. Quarterly operating profit of KRW 204.50 billion reflected increased sales in North America and Europe.