LG Electronics announces record financial results in first quarter 2022where it reported sales worth KRW 21.11 trillion (17.53 billion dollars). Revenues increased by 18,5%a sign of the high demand for LG appliances around the world.
LG scores record financial results in early 2022
Outstanding sales, driven by the enthusiasm for LG appliances. Thanks to these increasing revenues, LG was able to score a operating income of KRW 1.88 trillion ($ 1.56 billion), due to active royalties despite the organizational restructuring, a one-off cost that the company did not suffer from. In fact, profitability grew by 6.4%.
The division Vehicle component Solutions grows (+1.56 billion dollars) thanks to the growing demand for auto parts. Instead the division Home Appliance & Air Solution Company generated first quarter sales for KRW 7.97 trillion ($ 6.62 billion). An operating income of 371.68 million dollars. In fact, sales increased by 18.8%.
Division is also very good LG Home Entertainment Company, which records sales of KRW 4.06 trillion ($ 3.38 billion) with a net of $ 156.44 million. Sales are up 1.4%, mainly thanks to premium OLED products.
The division LG Business Solutions Company achieved revenues of KRW 2.02 trillion in the first quarter ($ 1.67 billion). We are talking about an increase of 23.7% year on year. Thanks to the demand for monitors and laptops in the school sector and arthe launch of B2B globally.
Growth across the board for LG, which marks a really good start to 2022.