By: ICN Bureau
Last updated : October 29, 2022 8:00 am
Compared to the previous year, the revenue, net profit and operating profit increased by 40.7%, 15.5%, and 65.6%, respectively
Samsung Engineering, one of the world’s leading engineering, procurement, construction and project management (EPC & PM) companies announced Q3 2022 operating profit of KRW 160.5 billion, showing a solid earnings trend.
Through the provisional financial Q3 results today, Samsung Engineering announced a revenue of KRW 2,457.9 billion, an operating profit of KRW 160.5 billion and a net profit of KRW 162.2 billion in the third quarter of 2022 (on a consolidated basis and in accordance with the K-IFRS).
Compared to the previous year, the revenue, net profit and operating profit increased by 40.7%, 15.5% and 65.6%, respectively. Accumulated in the third quarter of 2022 revenue of KRW 7,114.7 billion, operating profit of KRW 488.4 billion was recorded and the company exceeded 80% its annual target sales of KRW 8.5 trillion and operating profit of KRW 610 billion.
Regarding financial results, Samsung Engineering explained, "Even with the unstable external environment, our performance exceeded the market forecast, due to our project management solutions and cost improvement efforts, all business sectors such as hydrocarbon and non-hydrocarbon recorded stable performance."
Further it stated, “In particular, the application of innovative performance such as modularization and engineering automation to major overseas sites such as Mexico, Malaysia, and Saudi Arabia, greatly improved productivity and efficiency, leading to solid earnings flow.”
In the third quarter, new orders came in at KRW 2,186.5 billion and accumulated up to the third quarter of the year, at KRW 6,465.7 billion, raising expectations to overachieve Samsung Engineering’s annual order target of KRW 8 trillion for this year. As a result, Samsung Engineering has secured an order backlog of KRW 17.8 trillion, which is more than two years and 4 months’ worth of revenue of the previous year.
Samsung Engineering plans to continue receiving orders in strategic regions such as the Middle East and Asia and also plan to continuously implement FEED to EPC strategies based on technological competitiveness and pursuit value projects.
Samsung Engineering spokesperson said, “Samsung Engineering expects further stable growth through profitability-oriented management, while at the same time through EPC competitiveness continuously aims to discover new ESG-based businesses to strengthen the foundation for mid- to long-term sustainable growth.”