LG Display said on the 28th that last year's full-year results came in at 25.8101 trillion won in revenue and 517 billion won in operating profit. Revenue fell 3% from a year earlier, but the company returned to an annual profit for the first time in four years. Last year's earnings before interest, taxes, depreciation and amortization (EBITDA) were 4.8711 trillion won, with a margin of 19%.
LG Display reduced its loss in 2024 by about 2 trillion won compared with 2023. It improved results by about 1 trillion won last year as well, achieving a turnaround to profit. The company said, "This is the result of the ongoing advancement of an organic light-emitting diode (OLED)-centered business structure and innovation in the cost structure and operational efficiency," and noted, "Despite high uncertainty in the external environment and volatility in the global market, we expanded the OLED share of sales and pushed hard to improve our management fundamentals."
OLED accounted for 61% of sales last year, a record high. The share has risen sequentially from 32% in 2020 to 40% in 2022 and 55% in 2024. LG Display ended its large liquid crystal display (LCD) business in April last year, speeding up the shift in its business structure from LCD to OLED. Based on revenue, the annual sales mix by product was ▲ TV panels 19% ▲ IT panels such as monitors, laptops and tablets 37% ▲ mobile panels and other products 36% ▲ automotive panels 8%.
LG Display set a strategy this year to build a stable profit structure by continuously innovating technology and cost competitiveness and strengthening operational efficiency based on the AI transformation (AX). In the small and midsize panel business, the mobile segment will respond to new demand by efficiently utilizing production capacity. In IT, the company will continue to reduce low-margin products and innovate its cost structure while meeting demand from customers in the premium market with differentiated products to bolster business competitiveness.
In large panels, the company will further expand a lineup that strengthens differentiated value for both TV and gaming OLED panels to solidify its position in the premium market. It plans to drive results with products such as ▲ a new OLED TV panel featuring Primary RGB Tandem 2.0 technology ▲ a 27-inch gaming OLED panel, the first OLED to achieve an ultra-high refresh rate of 720 Hz. In automotive, the company will continue to maintain a competitive edge and create customer value based on its market-leading position and a differentiated product and technology portfolio.
Kim Sung-hyun, chief financial officer (CFO) of LG Display, said, "Uncertainty in the external environment persisted last year, but we were able to achieve a return to profit for the year by concentrating on advancing our business structure and improving operational efficiency," adding, "This year, we will keep focusing on transforming into a technology-centered company and build a sustainable revenue structure to further expand our results."