LG Electronics Posts Record $63B Revenue in 2023, Eyes Future Growth

Seoul, South Korea - LG Electronics (KRX: 066570) has announced its financial results 2023, showing a consolidated revenue of KRW 84.2 trillion and an operating profit of KRW 3.55 trillion. 

This achievement marks the company's third consecutive year of record annual revenue.

Key Highlights:

• Consolidated revenue: KRW 84.2 trillion
• Operating profit: KRW 3.55 trillion

Deep Dive 

Despite the economic slowdown and reduced consumer demand, LG's core businesses, particularly home appliances and automotive components, have grown remarkably. 

These businesses have achieved eight consecutive years of growth, with combined sales expected to exceed KRW 40 trillion by 2023, a significant increase from KRW 18 trillion in 2015. 

The contribution of these businesses to LG's total revenue has increased from 32.5% to 47.8%.

LG attributes its performance to strategic business improvements, including expanding its B2B sector and integrating new models such as subscription services. 

In addition, LG's focus on innovative content and service models that leverage its global user base has played an essential role in maintaining profitability.

LG Home Appliance & Air Solution:

Expansion of B2B share, new business models, and focus on "Zero Labor Home" smart solutions.