Samsung Engineering records 41.3% jump in operating profit at KRW 993.1 billion in 2023
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Samsung Engineering records 41.3% jump in operating profit at KRW 993.1 billion in 2023

Preparing for the future by investing KRW 370 billion in new business technology & innovation

  • By ICN Bureau | January 30, 2024

Samsung Engineering, a world leading engineering solutions and project management company, announced today, through the provisional financial 2023 results today, a revenue of KRW 10.6 trillion, an operating profit of KRW 993.1 billion and a net profit of KRW 695.6 billion in the year of 2023 (on a consolidated basis and in accordance with the K-IFRS).

Compared to the previous year, the revenue increased by 5.7%, and operating profit and net profit increased by 41.3% and 16.8%, respectively. New order was recorded at KRW 8.8 trillion and the total order backlog at KRW 16.8 tn in 2023.

In Q4 basis, revenue was KRW 2.8 trillion, operating profit was KRW 269.9 billion, and net profit was KRW 112.4 billion. Operating profit increased by 25.8%, while revenues and net profit decreased by 3.8% and 37.5%, respectively, compared to Q4 in 2022.

Samsung Engineering has achieved growth internally and externally, with quality overseas project revenue reflected this term and cost reduction through innovation.

In addition, meaningful results in preparing for the future by winning orders for FEED projects were achieved, commencing full-scale hydrogen development projects, and signing successive agreements with global companies in the energy and carbon capture field.

Further, Samsung Engineering also announced its business management forecast and investment plans for 2024. Through its forecast disclosure, the company predicts this year KRW 12.6 trillion in new orders, KRW 10 trillion revenue, and KRW 800 billion in operating profit.

Samsung Engineering revealed that is plans to invest a total of KRW 370 billion, including KRW 200 billion to promote business and secure technology in the fields of water electrolysis source technology and KRW 130 billion into business performance innovation areas such as design automation and robot automation, additional invests KRW 40 billion for automating and upgrading business processes.

A Samsung Engineering spokesperson said, " We plan to continue to strengthen performance competitiveness based on innovative technologies and therefore maintain a stable performance.”

and added, “We will endure to secure, invest in, and commercialize technology in the energy transition field for mid- to long-term sustainable growth.”


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