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LG Chem Ltd. posted annual sales of 0.6 trillion won in 2020, up 9.9 percent on strong battery sales to surpass the threshold for the first time.
The net profit jumped 188.9 percent on-year to 1.1 trillion won, and the operating profit soared 185.1 percent to 2.3 trillion won.
LG Chem is targetting 37.3 trillion won in sales in 2021 by focusing on its core businesses, including batteries, materials, petrochemicals, and health care.
Chief Financial Officer Cha Dong-seok noted that the company's sales and profits grew in 2020 despite the COVID-19 pandemic.
The company vows to expand its battery unit's production capacity to meet the growing demand for electric vehicle (EV) batteries.
In early December, LG Chem launched its battery unit, LG Energy Ltd., to grab a bigger chunk of the EV battery market.
The company said it will develop new materials for batteries and expand production capacity to meet the growing demand for EVs, OLED screens, IT products, and materials for e-mobility.
LG Energy Solution's revenue is expected to soar over 50 percent this year due to expanding government subsidies for EVs and renewable energy solutions.
LG Energy Solution supplies EV batteries for nearly all major global carmakers, including Tesla, General Motors, Ford, Renault, Volvo, and Volkswagen, as well as South Korea's Hyundai Motor and Kia Corp.
