LG Display returns to black in 2021 as pivot-OLED policy pays off
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The predominant OLED panel maker said in a regulatory filing on Wednesday that it raised 2.2 trillion won ($1.8 billion) in operating profit in 2021 after incurring a total 1.4 trillion won in losses in the past two years.
Sales rose 23.1 percent on year to 29.88 trillion won.
In the final quarter, the company’s sales reached 8.8 trillion won, up 21.9 percent from the previous quarter and 17.5 percent from the previous year. Operating profit was down 29.7 percent on year and 10 percent on quarter to 476.4 billion won due to a decline in LCD TV panel prices.
Net profit in the October-December period fell 70.8 percent on year and 61.3 percent on quarter to 179.5 billion won.
LG Display shares closed 8.53 percent lower at 19,300 won on Thursday.
LG Display attributed strong annual results to “strengthened position of large-sized OLED panels in the premium TV market” and bolstered small and mid-sized OLED businesses, and “structural innovation in the LCD business focusing on high-end IT products.”
In the fourth quarter, panels for TVs accounted for 27 percent of total revenue, panels for IT devices including monitors and laptops 42 percent, and those for mobile devices and others 31 percent.
OLED TV shipments increased by more than 70 percent in 2021 and the business turned to profit in the second half to deliver break-even point for the year.
In a separate filing, LG Display announced to maintain dividend pay-out ratio of 20 percent of its consolidated net profit for 2021~2023. The board decided to provide 650 won in dividend per common share or 233 billion won in total. The plan will be up for approval in the shareholders meeting in March.
“Although the supply and demand chain may remain volatile as the effects of Covid-19 linger, we are prepared to respond to market changes and stabilize our business operations,” said Kim Sung-hyun, chief financial officer at LG Display. “Our OLED panels have built the basis for profitable growth and we also plan to stabilize our profit structure in the LCD sector by shifting our focus to high-end IT products.”
To media reports that LG Display could supply OLED panels to Samsung Electronics, meanwhile, Kim declined to comment on an issue about a specific customer but added that the company’s policy this year is to seek growth from existing customers.
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