SEOUL, January 22 (AJP) - LG Display returned to profitability in the fourth quarter of 2024, reporting an operating profit of 83.1 billion won ($62.3 million), as its strategic pivot toward OLED technology began to bear fruit, the company announced Wednesday.
Fourth-quarter revenue rose 6 percent year-on-year to 7.83 trillion won, with OLED products accounting for a record 60 percent of total sales. The growth was primarily driven by increased shipments of smartphone displays, underscoring the company's emphasis on high-margin segments.
For the full year, LG Display reduced its operating loss to 560.6 billion won, a significant improvement from the 2.51 trillion won loss recorded in 2023. Annual revenue climbed 25 percent to 26.6 trillion won, with OLED products representing 55 percent of total sales, up seven percentage points from the prior year.
By product category, TV panels contributed 22 percent of sales, IT panels such as monitors and notebook displays accounted for 28 percent, mobile and other panels made up 42 percent, and automotive displays represented 8 percent.
“We are focused on advancing our business structure with OLED at the center while enhancing profitability through aggressive cost innovation,” said Kim Sung-hyun, LG Display’s chief financial officer.
Kim noted that the company aims to achieve a full-year turnaround in 2025.
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