Samsung Engineering posts Q3 2023 operating profit at KRW 153.4 billion

Samsung Engineering posts Q3 2023 operating profit at KRW 153.4 billion

KRW 2.478 trillion in revenue, KRW 155.9 billion (US$115 million) in net profit

  • By ICN Bureau | October 30, 2023

Samsung Engineering, a world leading engineering solutions and project management company, announced today, that it recorded an operating profit of KRW 153.4 billion in Q3 of 2023, continuing its solid performance.

Through the Q3 provisional financial results today, Samsung Engineering announced revenue of KRW 2.478 trillion, an operating profit of KRW 153.4 billion, and a net profit of KRW 155.9 billion in the third quarter of 2023 (on a consolidated basis and under the K-IFRS). Compared to the previous year, the revenue increased by 0.8%, and operating profit and net profit decreased by 4.4% and 3.9%, respectively.

Cumulatively for all three quarters, it recorded revenue of KRW 7.798 trillion, operating profit of KRW 723.3 billion, and net profit of KRW 583.2 billion. As a result, operating profit achieved 94.5% of this year's annual target (KRW 765 billion) in just three quarters.

“Despite certain uncertainties from marketing dynamics, we applied innovative technologies such as modularization and automation to projects and focused on further improving its stable profit structure. Further, a solid performance trend through stable performances in major overseas sites such as Mexico, Malaysia, and Saudi Arabia and in the industrial environment sector continue,” the company said in a release.

Orders in the third quarter amounted to KRW 2.938 trillion, and cumulative orders for this year amounted to KRW 6.757 trillion, resulting in an order backlog of approximately KRW 18 trillion.

Samsung Engineering continued its technological competitiveness-based ‘FEED to EPC strategy’ by winning the FEED order for a petrochemical plant from Alujain National Industrial Co.(LNIC) in Saudi Arabia last September. Based on its abundant order backlog, it is implementing a profitability-focused selective order winning strategy focusing on the Middle East and Asia, planning to continue to expand even further.

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