LG Energy Solution Achieves Record High Performance Last Year... Operating Profit 1.2 Trillion Won

[Asia Economy Reporter Donghoon Jeong] LG Energy Solution recorded its highest-ever performance last year by surpassing 1 trillion KRW in operating profit.

LG Energy Solution announced on the 9th that its provisional annual results for last year showed sales of 25.6 trillion KRW and operating profit of 1.2 trillion KRW. Compared to the previous year (2021), these results represent a 43.4% increase in sales and a 57.9% increase in operating profit, achieving the highest annual performance in its history.

The provisional results for the fourth quarter were sales of 8.5 trillion KRW and operating profit of 237.4 billion KRW. Sales increased by 11.6% compared to the previous quarter, but operating profit decreased by 54.5%. Compared to the same period last year, sales increased by 92.3% and operating profit improved by 213.6%.

LG Energy Solution stated, "Sales increased compared to the previous quarter due to steady customer demand and expanded sales volume from the full-scale operation of the GM JV Phase 1, but profits temporarily decreased due to one-time costs."

The one-time costs disclosed by LG Energy Solution include performance bonuses reflecting the strong annual results and increased ESS external replacement costs due to rising raw material, logistics, and exchange rate costs. The company explained, "Excluding the one-time costs, operating profit in the fourth quarter of last year was at a similar level to the previous quarter."