LG Achieves Highest Annual Revenue Ever

In 2022, LG achieved its highest annual revenue ever of KRW 83.5 trillion with an operating profit of KRW 3.6 trillion. The company thus has surpassed KRW 80 trillion for the first time in its history, increasing 12.9 percent over 2021. The record sales reflect continuous growth based on strong fundamentals, although full-year profitability was impacted by challenging global economic conditions.

The company’s revenue growth was driven by strong demand for premium home appliances and automotive parts. For the seventh consecutive year, the appliance business unit saw significant year-over-year growth. The turnaround of LG’s Vehicle components Solutions business in 2022 reflected steady improvements in the automotive industry, and this business exceeded 10 percent of LG’s total revenue for the first time.

The LG Home Appliance & Air Solution Company saw another record-setting year with 2022 revenue of KRW 29.9 trillion, an increase of 10.3 percent from the previous year. Full-year 2022 operating profit was KRW 1.1 trillion lower than in the previous year caused by increased marketing investments and higher logistics costs. The LG Home Entertainment Company reported 2022 revenue of KRW 15.7 trillion and an operating profit of KRW 5.4 billion.

The LG Vehicle Component Solutions Company increased revenue by 29.1 percent in 2022 from 2021 to KRW 8.6 trillion with a full-year operating profit of KRW 169.6 billion. The LG Business Solutions Company’s 2022 revenue of KRW 6.1 trillion increased 11.2 percent over the previous year driven by the continuous recovery of information displays. Full-year operating profit declined, primarily due to lower post-pandemic demand for PCs and monitors.