LG Financial Results 2024
LG Electronics achieved remarkable success in 2024, posting a record-breaking consolidated revenue of KRW 87.73 trillion. Despite global challenges like slowed demand recovery and increased logistics costs, LG sustained its growth trajectory. Central to this achievement were innovations in home appliances and vehicle components, underscoring the company’s commitment to diversification and technological advancement.
Achieving Record-Breaking Revenues
2024 was a landmark year for LG, as it achieved the highest annual revenue in its history. This success highlights LG’s ability to innovate across its portfolio, from consumer electronics to commercial solutions.
Revenue Highlights
The home appliances and vehicle components sectors were pivotal in driving growth for the ninth consecutive year. Together, they established LG’s position as a leader in creating value-driven products tailored to global needs.
LG Home Appliance & Air Solution Company
With revenue reaching KRW 33.2 trillion, LG’s Home Appliance & Air Solution Company delivered outstanding results. Overcoming increased logistics costs, the company recorded its first operating profit of over KRW 2 trillion since 2021.
Double-Digit Growth Through Innovation
This performance was fueled by the company’s subscription services and direct-to-consumer (D2C) sales, which redefined customer engagement. The introduction of heating, ventilation, and air conditioning (HVAC) systems in the B2B segment further reinforced its market presence.
Home Appliance Subscriptions
Subscription-based services saw a 75% revenue surge, nearing KRW 2 trillion. By offering flexible and personalized options, LG met evolving consumer preferences.
LG Home Entertainment Company
Revenue reached KRW 15.23 trillion, bolstered by demand for OLED TVs, particularly during international sports events.
Growth in OLED TV Sales
OLED technology continues to dominate LG’s home entertainment offerings, appealing to discerning consumers globally.
The Role of Global Events
Sporting events in Asia and Europe played a vital role in increasing sales, showcasing LG’s ability to leverage external opportunities effectively.
webOS Innovations
The company’s webOS platform surpassed KRW 1 trillion in revenue. Its evolution as a content hub reaffirms LG’s vision for integrated solutions.
