LG Electronics expected to post record 3.4 trillion won annual operating profit

LG Electronics is forecast to reap a record annual operating profit of 3.4 trillion won this year, mainly due to the robust sales from its home appliance business.

As of the third quarter, it had an accumulated operating profit of 2.5 trillion won with some 2 trillion won coming from the company’s home appliance and air solutions business.

Market analysts also expect LG Electronics to achieve approximately 63 trillion won in sales by the end of the year. The company's highest sales figure so far was 62.3 trillion won in 2019, while its largest operating profit was 2.7 trillion won in 2018.

The Tromm Styler electronic closet that featured LG’s proprietary True Steam technology, was one of several LG Electronics products that attained global popularity, contributing to the strong performance.

The total overseas unit sales of the Tromm Styler electronic closet grew by over 50 percent in the last year in around 20 countries.

According to the company sales volume more than doubled in Russia.
The True Steam technology can kill 99.99 percent of bacteria and some viruses, such as the influenza A virus (H3N2), an adenovirus that affects dogs (ICHV), a herpes virus that affects cows (IBRV), and a coronavirus that affects pigs (PEDV).

LG’s home appliances equipped with steam technology, including its dishwasher and dryer, enjoyed high sales largely due to the stay-at-home trend and the consumer preference for hygiene products.

In the US, LG is expected to beat rival Whirlpool for the No. 1 position in the home appliance market.