SEOUL, Korea (Jan. 22, 2025) – LG Display today reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending December 31, 2024.
◆ Revenues in the fourth quarter of 2024 increased by 15% to KRW 7,833 billion from KRW 6,821 billion in the third quarter of 2024 and increased by 6% from KRW 7,396 billion in the fourth quarter of 2023.
◆ Operating profit in the fourth quarter of 2024 recorded KRW 83.1 billion. This compares with the operating loss of KRW 80.6 billion in the third quarter of 2024 and with the operating profit of KRW 132 billion in the fourth quarter of 2023.
◆ EBITDA profit in the fourth quarter of 2024 was KRW 1,306 billion, compared with EBITDA profit of KRW 1,162 billion in the third quarter of 2024 and with EBITDA profit of KRW 1,272 billion in the fourth quarter of 2023.
◆ Net loss in the fourth quarter of 2024 was KRW 839 billion, compared with the net loss of KRW 338 billion in the third quarter of 2024 and with the net income of KRW 50.5 billion in the fourth quarter of 2023.
LG Display reported its 2024 annual earnings results with consolidated annual revenues of KRW 26.6 trillion and an operating loss of KRW 560.6 billion, which was reduced by about KRW 2 trillion year-on-year.
Revenues increased by 25% year-on-year as the company’s OLED-centered business structure enhancement led to a visible performance improvement. The proportion of OLED products driving total revenues increased by 7% year-on-year to reach 55%.
In terms of profitability, LG Display was able to significantly reduce its operating loss compared to the previous year by focusing on cost reduction and operational efficiency activities across the company alongside the raised performance of its OLED-centered business.
LG Display also recorded KRW 7,833 billion in revenues in the fourth quarter of 2024, up 15% quarter-on-quarter and 6% year-on-year. Its successful turnaround saw the company record a quarterly operating profit of KRW 83.1 billion.
In particular, the proportion of fourth-quarter revenues for which OLED products were responsible jumped to a record high of 60% amid rising OLED panel shipments for smartphones. TV panels accounted for 22% of revenues in the fourth quarter, those for IT devices including monitors, laptops, and tablet PCs accounted for 28%, panels for mobiles and other devices accounted for 42%, and automobile panels accounted for 8%.
LG Display plans to improve its business and management performance by enhancing core capabilities in all areas of its OLED business to increase customer trust and by continuing to carry out cost reduction and operational efficiency activities.
In its small- and mid-sized OLED business, the company aims to solidify its business competitiveness based on stable supply capabilities and technological leadership. Regarding OLED for mobile devices, LG Display will secure differentiated competitiveness through the preparation of future technologies required by customers, making the most of its enhanced production capabilities to reduce seasonal variability, diversify products, and expand shipments. As for OLED for IT products, the company is committed to strengthening its long-standing Tandem OLED leadership as it will also establish an efficient production response system to be aligned with the changing market environment.
With regard to its large-sized OLED business, the company will further bolster its position in the premium market by diversifying product lineups that reflect the needs of consumers, including fourth-generation OLED TVs, gaming monitors optimized for the AI TV era, and ultra-large products. The strategy is to continue qualitative growth that improves profitability through operational structure innovation, such as efficient production and sales strategies and cost reduction linked to actual demand.
Moreover, LG Display will continue to operate its automotive display business in a stable manner through differentiated products and a technology portfolio comprising Tandem-based P-OLED, Advanced Thin OLED (ATO), and high-end LTPS LCD, as well as the expansion of its customer base. The company plans to strengthen its position as the world’s top player in the ever-growing automotive display market and continue to generate stable profits by accelerating cost innovation with improved manufacturing and process technology. “Despite greater market volatility than ever, we are focusing our capabilities on continuing to improve our business performance via advancing our OLED-centered business structure and strengthening profitability through intensive cost-innovation activities,” said Sung-hyun Kim, CFO and Executive Vice President of LG Display. Kim added, “We will turn around our annual earnings by further enhancing our business competitiveness.”
