Samsung Engineering performs highest financial record in 10 years
Samsung Engineering, one of the world’s leading engineering, procurement, construction and project management (EPC&PM) companies announced today, that it recorded the highest financial in 10 years since 2012.
Through the provisional financial 2022 results today, Samsung Engineering announced a revenue of KRW 10.5 trillion, an operating profit of KRW 702.9 billion and a net profit of KRW 595.3 billion in the year 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 34.3%, 39.7% and 69.6%, respectively. And also, Samsung Engineering recorded a revenue of KRW 2.9 trillion, an operating profit of KRW 214.5 billion, and a net profit of KRW 179.8 billion in Q4 2022, up 17.0%, 101.0%, and 210.8% from the same period of last year.
New orders came in at KRW 3.77 trillion in the fourth quarter of last year and accumulated annual order of KRW 10.2 trillion in 2022, and the total order backlog was about KRW 17.9 trillion, securing one year and nine months' worth of revenue of the previous year. Last year's major orders included an ethanol plant in Qatar, a gas plant in Malaysia, and an ethane cracker plant in Russia. Last year, Samsung Engineering showed notable achievements in diversifying in overseas markets by entering in new and re-entering in established markets, received FEED to EPC-linked orders, and secured a new IOC customer.
Regarding the background of the financial results, Samsung Engineering explained, "Revenue of mega projects in Mexico, Malaysia, and the Middle East were reflected in the performance, improving profitability along with external growth. Also, innovation strategies such as modularization and automation also had a major impact on the performance improvement."
Samsung Engineering also announced its business plan and future investment plans for 2023. The company predicts new orders of KRW 12 trillion, revenue of KRW 10.5 trillion, and operating profit of KRW 765 billion for 2023 through their business plan disclosure. Samsung Engineering plans to continue stable growth through profitability-oriented screening orders and linked orders based on FEED to EPC strategies.
A Samsung Engineering spokesperson said, “Samsung Engineering will be reborn as a company that contests social inequalities by incorporating technological prowess, therefore actively investing in new future businesses and training talented people," adding, "It will become a company at a different level, which will evolve through innovations in different ways and standards."
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