LG Electronics Inc. (LG) announced a strong year with 2020 revenues of USD 56.45 billion (Kshs. 6.2 trillion) and record-setting operating profit of USD 2.85 billion (Kshs. 313 billion), an increase of 31.1 percent over 2019, driven primarily by higher sales of premium home appliances and OLED TVs as well as strong growth in vehicle component solutions.
Sales in the fourth quarter of 2020 of USD 16.76 billion (Kshs. 1.8 trillion) represented an increase of 16.9 percent compared to the same period in 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 (Kshs. 63 billion) increased significantly by 539 percent compared to the fourth quarter of 2019.
While COVID-19 and slow economic recovery remain concerns for 2021, LG expects the global economy to normalize as countries pursue sound fiscal policies and vaccine rollout to tame infections.
In 2021, core technologies such as AI, 5G, IoT and mobility will be widely applied to various LG business areas to drive growth.
The LG Home Appliance & Air Solution Company ended another healthy year with record 2020 revenues of USD 19.87 billion (Ksh1.9 trillion), an increase of 3.5 percent from the previous year, and a record operating profit of USD 2.10 billion (Kshs. 231 billion).
The latest results reflect increased sales of new appliance categories and the home appliance rental business in South Korea. Fourth-quarter revenue of USD 4.94 billion (Ksh 543 billion) was the highest fourth-quarter in the company’s history, an increase of 20 percent year-on-year with double digit growth in South Korea, North America and Europe.
For more information, download the report from the LG Electronics website.