LG has reported consolidated revenue of KRW 20.7 trillion (A$24 billion) and operating profit of KRW 996.7 billion (A$1.7 billion) in its preliminary earnings for Q3 2023, reflecting the second highest third-quarter figures in the company’s history.
Driven by the home appliance and vehicle solution divisions, operating profit increased more than 30% compared to the same period last year, as well as the second quarter of 2023. LG’s efforts to expand the proportion of its B2B businesses, including automotive parts and HVAC, have led to continued growth.
The company also boosted its B2C business by combining products with content and services and expanding high-demand line-ups based on the competitiveness of premium products such as LG OLED TVs and LG Objet Collection.
In July, LG CEO, William Cho announced his future vision to create customer value, secure future growth opportunities and transform into a smart life solution company that connects and expands spaces and experiences beyond home appliances.
LG is also improving its business structure and applying digital transformation across the company to improve the customer experience and maximise efficiency throughout the entire value chain, including purchasing, manufacturing, logistics and sales.
The LG Home Appliance & Air Solution Company has seen significant growth in the B2B area with its HVAC solutions. The company aims to further expand its air conditioning business with heat pumps and ESS in response to growing demand for eco-friendly and high-efficiency products. Launched in the third quarter, LG ThinQ UP 2.0 – a smart home innovation that combines home appliances and subscription services – has received positive customer responses.
The LG Home Entertainment Company is accelerating its business transition from a product-based business to a media and entertainment platform as the content and service business continues to grow. In addition to expanding collaboration with various content providers, LG has recently started upgrading TV operating systems for the first time in the industry to expand the content experience.
The LG Business Solutions Company continues to innovate with premium IT line-ups such as commercial displays and foldable laptops, while also fostering the electric vehicle charging business, one of the company’s new growth engines.