LG Reports Record-Breaking Annual Revenue for Third Consecutive Year in 2023

Anjie lou delos Reyes

LG Reports Record-Breaking Annual Revenue for Third Consecutive Year in 2023

LG Electronics Inc. (LG) is happy to announce that it made a consolidated revenue of KRW 84.2 trillion and an operating profit of KRW 3.55 trillion in the fiscal year 2023. Even though LG has had to deal with challenging external problems like economic downturns and falling demand, its core businesses—household appliances and auto parts—have shown they can adapt, with eight years of steady growth.

LG Reports Record-Breaking Annual Revenue for Third Consecutive Year in 2023
LG Reports Record-Breaking Annual Revenue for Third Consecutive Year in 2023

Last year, these areas brought in more than KRW 40 trillion, which is a big jump from 2015's KRW 18 trillion. With this rise, these two business areas' share of LG's total income has gone from 32.5% to 47.8%, showing how the company is working to strengthen its business portfolio.

The company's creative content and service business strategy, which takes advantage of the hundreds of millions of goods it has users all over the world, has been a key factor in its continued strong profitability. LG has grown its business-to-business (B2B) division well by quickly spotting turning points in the market and adding new business models, like subscription services, to established ones.

LG is committed to changing its structure from one that is stable and focused on business to one that is focused on future growth. With the help of the newly formed Overseas Sales & Marketing Company, LG plans to continue to grow and add more products, especially in emerging countries that offer more room for growth.

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The LG Home Appliance & Air Solution Company reported yearly sales of KRW 30.14 trillion, which is the first time in history that sales have been over 30 trillion won for a year. The company is set to speed up a change in its business model that will make it ready for the future. This includes starting direct-to-consumer programs. It wants to offer membership services in more countries and speed up the process of creating smart home solutions that fit the "Zero Labor Home" idea.

The LG Vehicle Component Solutions Company has hit KRW 10 trillion in sales in its tenth year of business. This is the eighth year in a row of growth since it started sharing performance results in 2015. Using a large backlog of orders, the company wants to grow both its business and its reach into new markets.

The LG Home Entertainment Company said it made KRW 14.2 trillion in sales last year and KRW 362 billion in running profit. Its business selling content and services built on the webOS platform has become a new way to make money.

Even though the LG Business Solutions Company's annual income is decreasing slightly, its wide range of IT solutions is helping it stay competitive. It is actively looking for business chances in certain areas, like schools and government agencies.

LG has shown that it can be resilient and flexible in facing problems, laying the groundwork for a bright future. As time goes on, LG will continue to push its goods and services to be new and better.

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