The revenue was 10.9 percent higher compared to 2016. Operating profits stood at $2.23 billion. This makes 2017 LG's second most profitable year, with 2009 still sitting at the top spot.

The success is mainly driven by strong sales of premium OLED TVs and home appliances. The company's smartphone manufacturing branch is still an albatross around the company's good fortune.  It recorded losses of $192.3 million for the last quarter of 2017. This result is worse than the $187 million loss predicted by analysts.

In its press statement, LG cites the "challenging marketplace and strong competition from Chinese brands" as two main reasons for its lack of success in this area.

Hwang Jeong-hwan was recently appointed as CEO of LG mobile in a bid to turn the division's fortunes around. The new executive is reportedly trying different strategies such as stopping the practice of doing smartphone announcements in unison with rival companies and only unveiling new models "when it is needed".

LG G7 was restarted, meaning that we're probably not going to see it announced at MWC 2018.