{"id":33598,"date":"2022-04-30T08:14:30","date_gmt":"2022-04-30T05:14:30","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=33598"},"modified":"2026-03-28T00:52:21","modified_gmt":"2026-03-27T21:52:21","slug":"lg-announces-first-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/lg-announces-first-quarter-2022-financial-results\/","title":{"rendered":"LG ANNOUNCES FIRST-QUARTER 2022 FINANCIAL RESULTS"},"content":{"rendered":"\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Highest Quarterly Revenue in Company\u2019s History Reflect<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Strong Demand for Premium LG Home Appliances and Auto Parts<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Jeddah, April 29, 2022<\/strong><strong>&nbsp;<\/strong>\u2014 LG Electronics Inc. (LG) today announced first-quarter 2022 consolidated sales of&nbsp;KRW 21.11 trillion (USD 17.53&nbsp;billion)&nbsp;\u2013 the highest quarterly revenue in company history. Operating&nbsp;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.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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\u2019s sales increased driven by higher demand for auto parts as a result of a proactive and pre-emptive response to shortages of automotive semiconductors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The LG Home Appliance &amp; Air Solution Company<\/em><em>&nbsp;<\/em>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\u2019s highest quarterly revenue. Stable growth was driven largely by strong performance in premium appliances and new categories such&nbsp;as hygiene products applied with steam technology.&nbsp;The appliance business&nbsp;expects to see continued growth by expanding overseas sales in new appliance categories.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The LG Home Entertainment Company&nbsp;<\/em>recorded sales of KRW 4.06 trillion (USD 3.38 billion) with an operating profit of KRW 188.40 billion (USD 156.44 million).&nbsp;Sales increased 1.4 percent from the same period a year ago driven by continued&nbsp;demand for premium products including OLED and large-screen TVs in Europe and North America.&nbsp;The business unit&nbsp;expects continued growth by expanding sales of premium TVs including LG OLED TVs, QNED TVs and large-screen TVs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The LG Vehicle component Solutions Company<\/em>&nbsp;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\u2019s 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The LG Business Solutions Company<\/em>&nbsp;saw improved first-quarter&nbsp;revenues&nbsp;of KRW 2.02 trillion (USD 1.67 billion), an increase of 23.7 percent&nbsp;from a year ago&nbsp;largely on the back of continued demand for products such as monitors and PC products&nbsp;in the beginning of academic season and recovery of the B2B segment, while product competitiveness and operational efficiencies also improved.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>2022&nbsp;<\/em><\/strong><strong><em>1Q<\/em><\/strong><strong><em>&nbsp;Exchange Rates Explained&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LG Electronics\u2019 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 \u2014 KRW&nbsp;1,204.26&nbsp;per USD.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Earnings Conference and Conference Call&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LG Electronics will hold a Korean \/ English conference call on April 28, 2022 at 16:00 Korea Standard Time (07:00 GMT\/UTC).&nbsp;Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN.&nbsp;The corresponding presentation file will be available for download at the LG Electronics&nbsp;<a href=\"https:\/\/www.lg.com\/global\/investor-relations-reports\">website<\/a>&nbsp;before the call.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highest Quarterly Revenue in Company\u2019s History Reflect Strong Demand for Premium LG Home Appliances and Auto Parts Jeddah, April 29, 2022&nbsp;\u2014 LG Electronics Inc. (LG) today announced first-quarter 2022 consolidated sales of&nbsp;KRW 21.11 trillion (USD 17.53&nbsp;billion)&nbsp;\u2013 the highest quarterly revenue in company history. Operating&nbsp;profit of KRW 1.88 trillion (USD 1.56 billion) was positively impacted by [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":15129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-33598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized 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