LS Group Achieves Record Operating Profit of 1.1988 Trillion KRW Last Year

Sales of 36.3451 trillion KRW, Operating Profit of 1.1988 trillion KRW
Increased by 20% and 29%, respectively

[Asia Economy Reporter Park Sun-mi] LS, celebrating its 20th anniversary this year, achieved its highest-ever performance since the group's launch in 2003.

On the 14th, LS announced that, driven by strong business performance from major affiliates such as LS Cable & System, LS Electric, LS MnM, LS Mtron, E1, and Superior Essex (SPSX), it recorded KRW 36.3451 trillion in sales and KRW 1.1988 trillion in operating profit last year.

Compared to KRW 30.4022 trillion in sales and KRW 927.4 billion in operating profit in 2021, these figures represent increases of 20% and 29%, respectively. This was due to solid performance in core business areas such as power and communication infrastructure, materials, machinery, and energy, despite the global economic slowdown.

Group Chairman Koo Ja-eun said, “The record-high performance achieved last year since the group's launch is the result of employees cultivating the seeds sown by my predecessor, Chairman Koo Ja-yeol. I merely reaped the harvest.” He added, “Starting this year, we will achieve Vision 2030 by nurturing future growth businesses on top of our existing core businesses.”

Last year, cable business affiliates such as LS Cable & System and Superior Essex expanded orders for high value-added products like submarine cables and achieved growth in optical communication cables in the North American market. LS Electric realized overseas business results, including in the United States, in its core power and automation equipment sectors.

LS MnM maximized production efficiency and profitability by introducing an IT-based management system, the ODS (Onsan Digital Smelter). LS Mtron significantly increased sales and operating profit in tractors and injection molding through proactive market penetration in the U.S., while energy affiliate E1 improved profitability by expanding sales through trading amid high volatility in the global energy market.

LS Group plans to actively promote the group’s blueprint “Vision 2030,” announced by Chairman Koo at the beginning of the year. It also stated plans to create new achievements in future growth areas such as new growth businesses leading CFE (carbon-free electricity) and battery-electric vehicle-semiconductor (BES) related businesses.