THE LG Electronics set its 2021 annual revenue record by reaching $63.61 billion in sales. This 28.7% increase over 2020 was primarily attributable to stronger sales of premium home appliances and OLED TVs. Operating profit of $3.27 billion was largely unchanged, down 1% from a year earlier.
LG also set a quarterly record at the end of 2021
THE LG also posted record fourth-quarter sales with revenue of $17.76 billion, up 20.7% from the year-ago quarter. Operating income of $572.87 million for the quarter was down 21.4% from the year-ago quarter, due in large part to factors such as higher raw material costs and global logistics.
THE LG Home Appliance & Air Solution Companydivision of home appliances of the company, posted another record year with 2021 revenues of $22.92 billion, up 21.7% year-on-year, driven in large part by strong performance in new categories of home appliances, such as hygiene products. Annual operating profit of US$1.88 billion was 2.9% lower than the previous year, also due to higher logistics and raw material costs. Record fourth-quarter revenue of $5.52 billion was 17.7% higher than the same period in 2020.
THE LG Home Entertainment Company recorded 2021 revenue growth of 30.6% to $14.56 billion, with an 18.1% year-over-year increase in operating income for US? 929.68 million, reflecting LG’s success in responding to increased demand for Premium TVs during the pandemic. Quarterly revenue of $4.21 billion was 16.4% higher than the fourth quarter a year ago and 19.2% higher than the prior quarter due to growth in demand for premium and large-screen OLED TVs in key European regions and North America.
THE LG Vehicle Equipment Solutions Company increased revenues by 24% from 2020 to 2021, totaling $6.08 billion. Fourth-quarter revenues of $1.42 billion were down 12.3% from the year-ago quarter. Under the shadow of uncertainty created by the new variant of Covid-19, the Global automotive market has experienced significant disruption due to shortage of automotive semiconductors.
THE LG Business Solutions Company achieved 2021 revenues of $5.89 billion, up 15.8% year-on-year, while higher material costs and supply chain challenges resulted in annual operating income of $121, 98 million. Fourth-quarter revenues increased 14% from the same period in 2020 to $1.46 billion due to strong demand for Gaming PCs and monitors. An increase in the cost of global logistics and a slowdown in solar module sales due to increased competition contributed to a fourth quarter operating loss of $29.67 million.
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Source: LG