Net income reached 501.3 billion KRW ($462 million, roughly Rs. 2,839 crores) in 2014, compared with 222.7 billion KRW a year earlier. Operating profit, meanwhile, was up 46 percent to 1.82 trillion KRW, with sales rising four percent to 59 trillion won.
The country's second-largest home appliance and smartphone maker attributed its strong bottom line to upbeat sales of its TV sets and flagship G-series smartphones.
The annual profit surge came despite a 205.7 billion KRW net loss in the fourth quarter the result of writing off its plasma TV operations.
Fourth-quarter operating profit, however, soared 28 percent year-on-year to 275.1 billion KRW, and sales rose 4.9 percent to 15.3 trillion KRW.
Last year LG's mobile division reported a 16 percent increase in annual revenue to 15.06 trillion KRW mainly thanks to increased shipments to North America.
Of 78.2 million mobile handsets sold last year, it shipped 59.1 million smartphones, up 24 percent from the previous year.
LG had been hit by sluggish handset sales and losses for years, but it swung back to profit from 2012. This year the company vowed to improve its brand power for smartphones, citing tough competition abroad.
Last year LG's home appliance sector also saw stronger sales in Europe and emerging markets, offsetting slower sales in North America.
The company called for more energy efficient products and improved cost competitiveness in its home appliance business, forecasting sluggish demand this year.