LG profits in Russia rise around 9-fold in 2023, despite supply suspension
Net profit in Russia in 2023 amounted to 3.259 bln rubles ($35.06 mln).
South Korean LG Electronics increased its net profit in Russia 8.7-fold to around 3.3 bln rubles ($35.5 mln) in 2023, according to the company’s report.
At the same time, the profit of LG Electronics in Russia in 2022 fell 19-fold compared to 2021 amid the suspension of all supplies to Russia.
Net profit in Russia in 2023 amounted to 3.259 bln rubles ($35.06 mln) compared to 376 mln rubles ($4.04 mln) a year earlier. Sales profit reached 3.2 bln rubles ($34.43 mln), rising 2.1-fold.
The division's revenue in 2023 slowed down the decline, decreasing 1.3-fold to almost 36.9 bln rubles ($397.06 mln), while it fell more than twice in 2022 compared to 2021.
At the end of 2023, LG in Russia has more than 6,000 square meters of rented office premises. LG Electronics suspended all deliveries to Russia in March 2022.
LG is one of the largest manufacturers of home appliances in the world, the company also produces various electronics. The Russian company LG Electronics Rus is still a 100% subsidiary of South Korean LG Electronics.
Source
South Korean LG Electronics increased its net profit in Russia 8.7-fold to around 3.3 bln rubles ($35.5 mln) in 2023, according to the company’s report.
At the same time, the profit of LG Electronics in Russia in 2022 fell 19-fold compared to 2021 amid the suspension of all supplies to Russia.
Net profit in Russia in 2023 amounted to 3.259 bln rubles ($35.06 mln) compared to 376 mln rubles ($4.04 mln) a year earlier. Sales profit reached 3.2 bln rubles ($34.43 mln), rising 2.1-fold.
The division's revenue in 2023 slowed down the decline, decreasing 1.3-fold to almost 36.9 bln rubles ($397.06 mln), while it fell more than twice in 2022 compared to 2021.
At the end of 2023, LG in Russia has more than 6,000 square meters of rented office premises. LG Electronics suspended all deliveries to Russia in March 2022.
LG is one of the largest manufacturers of home appliances in the world, the company also produces various electronics. The Russian company LG Electronics Rus is still a 100% subsidiary of South Korean LG Electronics.
Source