LG Electronics Inc. (LG) has announced KES 100.21 billion in operating profits in its preliminary earnings for the second Quarter of 2023 ending June 30th 2023. This is the second-highest second-quarter operating profit in the company’s history.
The operating profit increased by 12.7 per cent compared to last year’s quarter, reflecting continuous growth based on the company’s strategy to strengthen business competitiveness. At the same time, the electronics company recorded its highest second-quarter revenue at KES 2.24 trillion revenue within the same review period.
Giving his remarks on the performance, LG Electronics Inc CEO William Cho said the revenue reflects the company’s actions to fundamentally improve its business structure by continuously expanding the B2B segment despite profitability being impacted by the challenging global economic conditions and intensifying competition in the market.
“These exceptional figures reflect the hard work and dedication of our talented team and the strength of our innovative products across various markets. We remain committed to driving forward our vision of creating a better life for our customers through cutting-edge technology and exceptional user experiences. We are confident that our continued focus on innovation and customer satisfaction will lead to even greater success in the future.”Said Cho.
Of the different LG Business Units, LG Home Appliance & Air Solution Company recorded strong profitability on the back of increased sales of high-demand products such as air conditioners, energy-efficient heat pump-enabled products, and energy storage systems.
On the other hand, the LG Home Entertainment Company achieved meaningful growth in content and service businesses based on LG’s webOS smart TV platform. At the same time, the company’s Lifestyle Screens are expanding sales and driving the premium TV market.
The LG Vehicle Component Solutions Company exhibited continuing growth momentum supported by high order backlog of auto parts and stable supply chain management. At the same time, the company’s growth was positively impacted by a stable business portfolio made up of the 3 key areas of infotainment, e-powertrain and lighting solutions.
The LG Business Solutions Company is accelerating the expansion of the customer experience to discover potential customer demand by introducing the world’s first commercial television sets to feature Apple AirPlay technology support for hotel TVs.