LG Electronics announced full-year 2022 consolidated revenue of 83.5 trillion won with operating profit of 3.6 trillion won on Jan. 27. In 2022, LG achieved its highest annual revenue ever – surpassing 80 trillion won for the first time in its history – increasing 12.9 percent over 2021, when sales exceeded 70 trillion won for the first time.
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 in 2022 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 29.9 trillion won, an increase of 10.3 percent from the previous year, as a result of company’s premium-focused strategy that includes unique appliances such as LG Styler™ clothing care systems, all-in-one WashTower™ laundry centers, and LG InstaView refrigerators with Craft Ice™.
Full-year 2022 operating profit was 1.1 trillion won lower than in the previous year caused by increased marketing investments and higher logistics costs.
The business unit plans to consistently pursue its premium-centered strategy by improving competitiveness of premium products as well as strengthening its mass-tier lineup, along with cost structure management to enhance profitability. In addition, the company will accelerate the expansion of smart home ecosystems by expanding upgradable appliance lineups in the overseas markets.