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LG Electronics hits record 2024 revenue of KRW 87.73 trillion
Source: LG Electronics

LG Electronics hits record 2024 revenue of KRW 87.73 trillion

LG Electronics reports highest-ever annual revenue while facing profit pressures from delayed market recovery and rising costs

Philip Lee profile image
by Philip Lee

Seoul, South Korea—LG Electronics reported its highest-ever annual revenue of KRW 87.73 trillion (US$61.37 billion) for 2024, while operating profit declined to KRW 3.42 trillion (US$2.39 billion) amid challenging market conditions.

The South Korean electronics giant achieved revenue growth in its home appliances and vehicle components businesses for the ninth consecutive year. 

Its Home Entertainment and Business Solutions divisions also posted year-over-year increases.

The company said operating profit was under pressure in the second half of 2024 due to a delayed recovery in global home appliance demand and increased logistics costs.

The LG Home Appliance & Air Solution Company reported revenue of KRW 33.2 trillion (US$23.22 billion) and operating profit of KRW 2.04 trillion (US$1.43 billion) in 2024, marking its first return to KRW 2 trillion in operating profit since 2021. 

The division's subscription service revenue surged by more than 75% yearly, approaching KRW 2 trillion (US$1.40 billion).

The Home Entertainment unit recorded revenue of KRW 15.23 trillion (US$10.65 billion) and an operating profit of KRW 315.9 billion (US$221 million), driven by OLED TV sales growth in Europe and Asia. 

The company's webOS-based advertising and content business generated more than KRW 1 trillion (US$699.5 million) in annual revenue.

Vehicle component Solutions revenue reached KRW 10.62 trillion (US$7.43 billion), achieving over KRW 10 trillion for the second straight year despite slower electric vehicle demand. 

Operating profit decreased to KRW 115.7 billion (US$80.93 million) due to increased development costs and R&D investments in software-defined vehicles.

The Business Solutions Company reported revenue of KRW 5.69 trillion (US$3.98 billion) but posted an operating loss of KRW 193.1 billion (US$135.1 million). It cited rising raw material prices and intensified market competition as the reasons.

LG plans to pursue qualitative growth in 2025 through business portfolio innovation and operational efficiency improvements. 

At the end of 2024, the company announced plans to enhance synergies between its businesses after reorganizing its operational units.

(US$1 = KRW1,429.63)

Philip Lee profile image
by Philip Lee

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