By: ICN Bureau
Last updated : January 28, 2021 12:36 pm
LG Chem is targeting 2021 revenue target of 37.3 Tn KRW.
LG Chem annual revenue has exceeded 30 Trillion KRW (Korean Won) for the first time in 2020 registering 30.0575 trillion KRW, a 9.9% increase compared to 2019.
The operating profits increased 185.1% compared to previous year to reach 2.3532 trillion KRW. LG Chem is targeting 2021 revenue target of 37.3 Tn KRW.
In terms of Q4 business performance, the company has achieved revenue of 8.858 trillion KRW, an increase of 19.9% compared to previous year. Operating profits reached 673.6 billion KRW, a decrease of 25.3% compared to the previous quarter.
Dong-Seok Cha, CFO and VP said, “In 2020, despite the crisis brought on by the coronavirus pandemic, revenue rose by 10% compared to the previous year, thus breaking the 30 trillion KRW mark for the first time-ever, and EBITDA was also recorded at the highest ever at 4.6 trillion KRW, thus creating meaningful results in terms of revenue growth and increased profits.”
“This year, the capacities and resources of our company will be focused on the four major business fields of battery materials, sustainable solutions, e-Mobility materials and global new drug development, as well as in new growth engines as part of our efforts to build a company that can take another leap forward,” added Cha.
Cha explained 2021 business plan by stating, “The capacities and resources of our company will be focused on the four major business fields of battery materials, sustainable solutions, e-Mobility materials and global new drug development, as well as in new growth engines as part of our efforts to build a company that can take another leap forward.”
The Petrochemicals company has concerns over increased supply due to newly expanded supplies in Northeast Asia but the global economy is expected to recover and demand among major industries is also anticipated to gradually improve.
The Advanced Materials company is expected to have increased demand in frontline markets such as batteries, OLED and IT, and our plans are to acquire production capacities to concentrate on fostering high nickel battery materials, while also actively pursuing the development of additional battery materials including cathode binders and radiant adhesives.
The Life Science Company is expected to post higher than 10% growth in revenue this year as it begins supplying the new Eupolio (polio vaccine), etc. to UNICEF, while expanding existing businesses such as for YVOIRE (filler), and increasing investments in R&D to strengthen its core capacities for developing new drugs and to construct a new drug portfolio with global competitiveness.
Energy Solutions expects the growth of the EV market to continue and the ESS market to expand centering on large power grids according to the eco-friendly vehicle policy directions of leading countries around the world, and thus anticipates revenue to grow by more than 50% this year as new EV models are released, EV sales grow, and with increased overseas orders for ESS.