LG announces 2023 financial results
LG Electronics Inc. (LG) announced its financial results for the year 2023, disclosing a consolidated revenue of 84.2 trillion Korean won (KRW) and an operating profit of 3.55 trillion KRW.
LG’s core business of home appliances and the burgeoning vehicle components business have demonstrated remarkable resilience. The combined revenue of these businesses exceeded 40 trillion KRW last year.
Looking ahead, LG committed to a continual transformation from a mature, business-oriented structure to a future growth-oriented one.
The LG Home Appliance and Air Solution Co. achieved an annual revenue of 30.14 trillion KRW, marking 8 consecutive years of growth and ushering in the era of 30 trillion KRW.
The operating profit recorded an increase of over 76 percent, compared to the previous year, reaching 2.08 trillion KRW.
The LG Vehicle Component Solutions Co. achieved an annual revenue of 10.1 trillion KRW and operating profit of 133 billion KRW. In its 10th year since establishment, the company not only surpassed the 10-trillion-KRW-revenue mark, but also demonstrated 8 consecutive years of growth.
The LG Home Entertainment Co. recorded an annual revenue of 14.2 trillion KRW and operating profit of 362 billion KRW. The webOS platform-based content and services business solidified its position as a new source of revenue.
The LG Business Solutions Co. recorded an annual revenue of 5.4 trillion KRW and operating loss of 42 billion KRW. The revenue saw a slight decrease, compared to the previous year due to delays in information technology demand recovery and reduced investments from key enterprises.