Samsung Engineering records operating profit of KRW 344.5 billion in Q2
Samsung Engineering, one of the world’s leading engineering, procurement, construction, and project management (EPC&PM) companies announced today, that it recorded an operating profit of KRW 344.5 billion in Q2 of 2023, continuing its solid performance.
Through the Q2 provisional financial results today, Samsung Engineering announced revenue of KRW 2.79 trillion, an operating profit of KRW 344.5 billion, and a net profit of KRW 251.4 billion in the second quarter of 2023 (on a consolidated basis and under the K-IFRS). Compared to the previous year, the revenue, net profit, and operating profit increased by 11.7%, 124.5%, and 80.1%, respectively. As a result, Samsung Engineering recorded revenue of KRW 5.3 trillion, an operating profit of KRW 569.8 billion, and a net profit of KRW 427.3 billion in the first half of 2023.
Samsung Engineering stated in the financial results as follows, "The company's profitability improved at major overseas sites such as in Mexico, Malaysia, and the Middle East, due to application in EPC implementation innovations such as modularization and automation, and thorough cost management. Further, the industrial environment division also continued its solid earnings trend while maintaining a stable profit structure.”
In the second quarter, new orders came in at KRW 1.72 trillion and accumulated first half of 2023 order of KRW 3.82 trillion with an order backlog of approximately KRW 17.3 trillion.
Samsung Engineering plans to continuously implement the FEED to EPC strategy to secure stable profits while continuing to receive new orders by participating in overseas tenders in the Middle East and Asia. In addition, it plans to actively participate in the growing Sustainable Energy market and continue its efforts to expand its business.
A Samsung Engineering spokesperson said, “Samsung Engineering plans to continue stable growth through profitability-oriented project management and substantial management.” Further stated, “We will continue company-wide innovation activities to increase productivity and efficiency, and accelerate the promotion of new businesses such as hydrogen and carbon neutrality to secure future growth engines.”
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