LG Chem's net profit increased 3 times

Recently, LG Chem announced its second-quarter financial report. LG Chem’s net profit in the second quarter increased from 419 billion won in the same period last year to 1.6 trillion won, a three-fold increase. The company's operating profit in the second quarter also tripled to 2.2 trillion won, a significant increase from 572 billion won in the same period last year. Sales increased by 65% year-on-year to 11.4 trillion won.

LG Chem’s petrochemical business unit’s operating profit tripled in the second quarter, from 431 billion won in the same period last year to 1.3 trillion won. Sales of this sector increased by 57.7% year-on-year to 5.2 trillion won. Among them, polyolefin business accounted for 31% of petrochemicals revenue, plasticizers accounted for 18%, ABS resin accounted for 31%, and acrylic esters business accounted for 11%. The company expects that with the operation of the second naphtha cracking center in Yeosu, South Korea, sales revenue and profitability will continue to grow in the third quarter.

LG's energy solutions business, which specializes in automotive batteries, increased its operating profit five times in the second quarter to 815 billion won. Sales increased by 82% year-on-year to 5.1 trillion won. In addition, the operating profit of LG Chem’s advanced materials division has more than doubled from 40 billion won in the previous year to 95 billion won.