LG Corp. announced its financial results for the second quarter of 2024, highlighting a 5.6% increase in revenue to KRW 1,449.6 billion (approximately USD 1.12 billion). The company’s operating profit rose 23.9% to KRW 137.7 billion (USD 106.3 million), attributed primarily to growth in its electronics and telecom subsidiaries. However, net income declined 30.7% year-on-year to KRW 290.4 billion (USD 224.3 million), reflecting challenges in its display and chemical segments.
LG Electronics, a key subsidiary, reported a revenue increase of 8.0% to KRW 21,694.4 billion (USD 16.7 billion) and a net income rise to KRW 629.5 billion (USD 486.0 million). Meanwhile, LG Display experienced a loss with net income falling to KRW 470.8 billion (USD 363.6 million), impacted by continued pressures in the global display market.
The chemical division, represented by LG Chem, saw a revenue increase to KRW 12,299.7 billion (USD 9.5 billion), though net income significantly dropped to KRW 59.8 billion (USD 46.2 million). This decrease was attributed to lower profitability in its petrochemical business amidst volatile global oil prices.
In terms of strategic moves, LG Corp. continues to focus on expanding its artificial intelligence and clean tech ventures, investing in digital transformation and sustainability initiatives. The company also maintained its dividend payout with slight adjustments, reflecting its commitment to shareholder returns despite fluctuating profits.
