LG announces 2020 Financial Results

While other businesses may have seen a decline in revenue and profits due to the pandemic which saw many businesses struggle to keep the lights on, South Korean multinational electronics company LG recently announced its 2020 financial results, indicating growth with 2020 revenues and profits.

The world-renowned tech giant has seen a financial spike in its various sections of the business which includes Home Appliance & Air Solution, Home Entertainment, Mobile Communications, Vehicle Component Solutions and Business Solutions Company.

Sales in the fourth quarter grew at 16.9 percent from the same period of 2019 and were 11 percent higher than the previous quarter. Despite the impact of COVID-19, the quarter’s operating profit of USD 580.19 million dollars increased significantly by 539 percent compared to the fourth quarter of 2019.

The company’s Home Appliance & Air Solution has ended another healthy year with 2020 revenues of USD 19.87 billion dollars, an increase of 3.5 percent increase from the previous year, and operating profit of 2.10 billion dollars, while Home Entertainment Company reported 2020 revenues of 11.76 billion dollars and operating profit of USD 865.29 million dollars, a 22.9 percent increase over the previous year. Sales in the quarter of (USD 3.82 billion) were 7.9 percent higher than the fourth quarter of 2019 and up 16.7 percent from the previous quarter.

Its Mobile Communications’ fourth-quarter sales are 4.9 percent higher than the same quarter of 2019, while Vehicle Component Solutions reported growth of 6.1 percent and Business Solutions Company achieved 5.36 billion dollars in revenue.