LG Electronics Achieves Record High Sales and Operating Profit Last Year (Update)

[Asia Economy Reporter Kim Hyewon] LG Electronics announced on the 8th that its preliminary sales and operating profit for the fourth quarter of last year were 18.7826 trillion KRW and 647 billion KRW, respectively.

These figures represent increases of 16.9% and 535.6% compared to the same period last year. The sales figure is the highest ever recorded for a quarter, and the operating profit is the highest among all fourth quarters in history.

Sales for the fourth quarter of last year significantly exceeded the average securities firms' consensus forecast of around 17.88 trillion KRW, and operating profit also surpassed the consensus of approximately 620 billion KRW, marking an 'earnings surprise.'

Last year's annual sales and operating profit both set record highs. Annual sales for last year reached 63.2638 trillion KRW, far surpassing the previous record of 62.306 trillion KRW set in 2019.

Annual operating profit for last year was 3.1918 trillion KRW, breaking the previous record of 2.7033 trillion KRW set in 2018. Notably, this is the first time LG Electronics' annual operating profit has exceeded 3 trillion KRW.

LG Electronics' preliminary results are estimates based on the Korean International Financial Reporting Standards (K-IFRS). Consolidated net profit and performance by business division will be announced at the earnings briefing scheduled for the end of this month.