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ESG
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Press Release Video
LG Chem

LG Chem Announces 3Q Management Performance

2023.10.31
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■ 3Q Management Performance (consolidated basis)
 □ Revenue: KRW 13.49 trillion (-3.5% YoY)
 □ Operating Profit: KRW 860.4 billion (-5.6% YoY)
 
■ CFO Dong Seok Cha:
 “Overcoming challenges by enhancing core competitiveness amidst tough business conditions, and aiming for continuous growth through unwavering nurturing of our three new growth engines."

 
 
On the 30th, LG Chem announced a consolidated ▲revenue of KRW 13.49 trillion and ▲operating profit of KRW 860.4 billion for the third quarter.
 
Compared to the previous quarter, revenue decreased by 5.9%, however, operating profit surged by 39.3%. On a year-over-year basis, revenue declined by 3.5%, and operating profit contracted by 5.6%. Excluding LG Energy Solution, LG Chem’s direct business performance in the third quarter amounted to a revenue of KRW 6.28 trillion and an operating profit of KRW 116.1 billion.
 
CFO Dong Seok Cha stated, “Overcoming challenges by enhancing core competitiveness amidst tough business conditions and aiming for continuous growth through unwavering nurturing of our three new growth engines.”
 
Examining the 3Q performance and 4Q outlook per company,
 
The Petrochemicals Company reported a revenue of KRW 4.41 trillion and an operating profit of KRW 36.6 billion. Despite rising crude oil prices causing a lag effect (material input delay), the company turned profitable, supported by steady profitability of high-value-added products such as solar panel film materials (POE) and carbon nanotubes (CNT). In 4Q, efforts to improve profitability will continue through strengthening high-value-added business and cost-saving activities, despite the ongoing uncertainties like sustained high crude oil prices amid geopolitical risks.
 
The Advanced Materials Company posted a revenue of KRW 1.71 trillion and an operating profit of KRW 129.3 billion. Although the battery materials business maintained its overall sales volume with an increase in shipments to the US, offsetting a decrease in Europe, profitability declined due to a drop in metal prices. In 4Q, the ongoing decline in metal prices is expected to continually impact the revenue and profitability of the battery materials business.
 
The Life Sciences Company reported a revenue of KRW 291.4 billion and an operating profit of KRW 15.2 billion. Despite a slight decline in revenue QoQ due to decreased overseas shipments of certain products, including vaccines and fillers, the company turned profitable with substantial revenue growth and profit improvement following the acquisition of AVEO. In 4Q, revenue growth is anticipated due to expanded shipments of key products such as diabetes and autoimmune treatments.
 
LG Energy Solution announced a revenue of KRW 8.22 trillion and an operating profit of KRW 731.2 billion. Though revenue slightly decreased QoQ due to weak demand in the European electric vehicle market and a decline in metal prices, profitability improved through enhanced product competitiveness, productivity, and cost improvements. In 4Q, growth momentum is expected to continue, centered around the North American market.
 
Farm Hannong recorded a revenue of KRW 120.1 billion and an operating loss of KRW 15 billion. Despite an expansion in overseas sales of crop protection chemicals, revenue decreased compared to the same period last year due to a decline in fertilizer prices. In 4Q, both revenue and profitability are expected to improve through expanded overseas sales of specialty fertilizers.

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