Search KuwaitPR.com

Home >> Banking & Investments

LG Announces First-Quarter 2022 Financial Results

Friday, April 29, 2022/ Editor -  

Share

Home >> Banking & Investments

Highest Quarterly Revenue in Company’s History Reflect

Strong Demand for Premium LG Home Appliances and Auto Parts

Dubai, April 29, 2022 — LG Electronics Inc. (LG) today announced first-quarter 2022 consolidated sales of KRW 21.11 trillion (USD 17.53 billion) – the highest quarterly revenue in company history. Operating profit of KRW 1.88 trillion (USD 1.56 billion) was positively impacted by royalty income, partially offset by a one-time workforce restructuring cost.  

Compared with the first quarter a year ago, revenues grew by 18.5 percent and profitability soared by 6.4 percent, reflecting very strong demand for LG home appliances as consumers around the world continue their focus on healthier living, energy efficiency and home upgrades. The vehicle component business unit’s sales increased driven by higher demand for auto parts as a result of a proactive and pre-emptive response to shortages of automotive semiconductors.

The LG Home Appliance & Air Solution Company generated first-quarter sales of KRW 7.97 trillion (USD 6.62 billion), with operating profit of KRW 447.60 billion (USD 371.68 million). Sales increased 18.8 percent from the same quarter last year, recording the business unit’s highest quarterly revenue. Stable growth was driven largely by strong performance in premium appliances and new categories such as hygiene products applied with steam technology. The appliance business expects to see continued growth by expanding overseas sales in new appliance categories.

The LG Home Entertainment Company recorded sales of KRW 4.06 trillion (USD 3.38 billion) with an operating profit of KRW 188.40 billion (USD 156.44 million). Sales increased 1.4 percent from the same period a year ago driven by continued demand for premium products including OLED and large-screen TVs in Europe and North America. The business unit expects continued growth by expanding sales of premium TVs including LG OLED TVs, QNED TVs and large-screen TVs.

The LG Vehicle component Solutions Company achieved first-quarter sales of KRW 1.88 trillion (USD 1.56 billion). The sales increase of 8.5 percent from the same period last year reflected a preemptive response to shortages of automotive semiconductors. The business unit’s first-quarter operating loss is narrowing to KRW 6.30 billion (USD 5.23 million), and the company has implemented better cost management to further improve profitability.

The LG Business Solutions Company saw improved first-quarter revenues of KRW 2.02 trillion (USD 1.67 billion), an increase of 23.7 percent from a year ago largely on the back of continued demand for products such as monitors and PC products in the beginning of academic season and recovery of the B2B segment, while product competitiveness and operational efficiencies also improved.

2022 1Q Exchange Rates Explained 
LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2022. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter — KRW 1,204.26 per USD.

Earnings Conference and Conference Call 
LG Electronics will hold a Korean / English conference call on April 28, 2022 at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. 


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Sand Tiger Shark Conservation Efforts: A New International Achievement for TSCK

Nissan Al Babtain Launches New Genuine Spare Parts Outlet in Kuwait

Burgan Bank Announces Winners of its Summer Power of 22 Campaign

Burgan Bank Announces the Winner of the Al-Thuraya Salary Account Monthly Draw

Kuwaiti Luxury Retailer, Trafalgar Luxury Group, Announces Leadership Reshuffle

Burgan Bank Wins J.P. Morgan's ‘Elite Quality Recognition' Award for 2021

Burgan Bank Welcomes Talents with Disabilities into its Family

Disney X Pandora: Born to Stand Out

Burgan Bank Continues its Support for the ‘Let's Be Aware' Financial Literacy Ca ...

Nissan Introduces New 9-Speed Automatic Transmission in the Region for Elevated ...

Burgan Bank Offers Free Eidiya Delivery Service to Premier Banking & Private Ban ...

Royal Dignitaries to Hold Informatics Award Celebration in Honor of the Late Ami ...

Burgan Bank Convenes its 57th Ordinary General Meeting

Burgan Bank Sponsors and Participates in Al Ahmadi Governorate's Blood Donation ...

Mehmet Tevfik Nane New Chair of the IATA Board

Travel Recovery Rebuilding Airline Profitability -Resilient Industry Cuts Losses ...

Enjoy New Experiences on the Road with Nissan Patrol NISMO

Aviation Leaders Assemble in Doha for IATA's 78th AGM

My Summer Story with Pandora

Burgan Bank Appoints Hameed Abdul as Chief Consumer Banking Officer