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LG Chem recently announced its performance expectations for the third quarter of this year, showing that Q3 this year recorded high revenue and operating profit
.
LG Chem, a chemical-based company in the global battery industry, said in its earnings forecast that revenue for the July-September period would hit 7.
5 trillion won ($6.
5 billion) and operating profit would hit 7.
5 trillion won.
It reached 902.
1 billion won ($790 million)
.
According to this calculation, LG Chem's revenue will increase by 8.
8% year-on-year, and operating profit will increase by 158.
7%! According to reports, LG Chem's Q3 revenue and operating profit will record high levels since the fourth quarter of last year and the first quarter of 2011, respectively
.
Benefit from the growth of petrochemical and battery business
Benefit from the growth of petrochemical and battery businessAccording to industry analysts, LG Chem's record quarterly performance was due to the strong performance of multiple business units, including petrochemical business, battery business, advanced materials and life science business
.
For example, in petrochemical products, the petrochemical business maintained a good growth momentum thanks to the strong sales of key products such as ABS and PVC
.
Among them, LG Chem has a large share of the global market is ABS, which is a high-performance plastic with strong heat resistance and impact resistance, used in toys, automobiles, household appliances and IT equipment,
etc.
In addition, there is PVC, a general-purpose thermoplastic that is used in product applications such as blood bags, tubing, and cables
.
In terms of battery business, LG Chem continues to maintain strong profitability.
According to SNE Research, a South Korean research company, the global EV battery usage from January to August 2020 shrank by 9.
9% to 64.
7GWh compared with the same period last year, of which LG Chem increased by 24.
6%.
(15.
9GWh) has the highest market share
.
LG Chem's EV battery customers include Tesla, Audi, Volkswagen, Daimler, GM, Ford, Renault, Volvo, Hyundai and Kia, among others
.
With the growing trend of electric vehicles, LG Chem continues to deploy in this field.
In March this year, LG Chem Poland's wholly-owned subsidiary and the European Investment Bank (EIB) reached a loan agreement of 480 million euros to expand the production capacity of LG Chem's Poland plant
.
In April, LG Chem received about 550 million euros in loans from the Korea Development Bank, the Export-Import Bank of Korea and the Nonghyup Bank, which will continue to be used to expand its power battery production capacity in Poland
.
In addition, LG Chem operates electric vehicle battery factories in South Korea, the United States and China
.
