
LG Electronics said Thursday it logged its highest-ever annual revenue in 2024, driven by sustained growth in its flagship home appliances and automotive electronics businesses.
Sales reached a record 87.73 trillion won ($61 billion) last year, up 6.6 percent from a year earlier and surpassing the 82.52 trillion won reported in 2022.
Operating profits for the year, however, declined by 6.4 percent on-year to 3.42 trillion won. Net income also saw a sharp decrease of 48.6 percent on-year to 591.4 billion won.
The home appliance-maker’s performance in the fourth quarter showed mixed results.
LG reported an operating profit of 135.4 billion won in the September-December period, a 56.7 percent drop from a year prior. The profit estimate was far lower than the 397 billion won projected by local analysts, provided by FnGuide.
During the same period, sales were 22.76 trillion won, while the company posted a net loss of 713.7 billion won.
The record-breaking revenue underscores LG’s resilience in maintaining its market position through diversified business operations.
However, the decline in profitability highlights challenges such as intensifying global competition and macroeconomic uncertainties that may have impacted operating margins.
LG said it will consistently pursue qualitative growth through business portfolio innovation, even in the face of a rapidly changing global market and competitive environment this year.
“Through the recent restructuring of our business divisions at the end of last year, we plan to enhance synergies between business units and improve operational efficiency to support growth,” an LG Electronics official said.
“Additionally, we’ll focus on strengthening the fundamental competitiveness of our business, including quality and cost, while also making every effort to secure a sound profit structure.”
By Jie Ye-eun (yeeun@heraldcorp.com)