LG Chem posts the biggest quarterly sales and operating profits
Revenue of 9.65 trillion won in first quarter, up 43.4% year-on-year
LG Chem made an announcement on April 28 that it achieved its biggest quarterly management performance of 9.65 trillion won ($8.7 billion) in sales and 1.408 trillion won in operating profit in the first quarter.
LG Chem Ochang Plant / Courtesy of LG Chem
This is a 43.4% increase in sales and a 584% hike in operating profit compared to the same period last year, which renewed their quarterly maximum.
In the case of operating profit, quarterly operating profit surpassed 1 trillion won for the first time since its inception. Its previous biggest operating profit was 902.1 billion won in third quarter of 2020 and 8.949 trillion won in fourth quarter of 2020.
“This is because we have reorganized our business structure despite uncertain external environments and laid the foundation for stable profits through continuous investment in new growth engines.” said Cha Dong-seok, CFO of LG Chem.
“We will foster battery material businesses such as anode materials and CNT as a clear growth engine, and actively invest in future promising ESG fields such as Recycle and Bio materials, and start to grow through cooperation with external companies,” he added.
Its petrochemical division made 4.435 trillion won in sales and 983.8 trillion won in operating profit. It achieved solid performance due to strong demand for major products such as home appliances, medical supplies, and building materials due to strong demand and expansion of spread.
It is predicted that sales growth and solid profitability will continue in the second quarter due to the operation of new Capa of high-value products such as NBL and CNT along with the operation of Yeosu 2nd NCC.