Corporate News


Samsung Engineering records operating profit of KRW 225.4 billion in Q1

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 225.4 billion in Q1 of 2023, therefore continuing its solid performance.

Through the Q1 provisional financial results today, Samsung Engineering announced revenue of KRW 2.53 trillion, an operating profit of KRW 225.4 billion, and a net profit of KRW 175.9 billion in the first 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 17.1%, 29.2%, and 54.7%, respectively.

Samsung Engineering stated on the financial results as follows, “The company exceeded the market forecast for operating profit (estimated for about KRW 180 billion) due to excellent project management performance and initiating cost optimizing management efforts," adding, "We continued to create solid results based on stable performance, such as in major overseas projects in Mexico, Malaysia, and Saudi Arabia, but also simultaneously implemented technological innovations such as modularization and automation throughout our project globally.”

In the first quarter, new orders came in at KRW 2.10 trillion, with an order backlog of approximately KRW 18 trillion.

Samsung Engineering received a Pre-Construction Services Agreement contract for the Hail & Ghasha Gas Development Project in the first quarter and continues to initiate stable growth after the second quarter with an EPC-linked order strategy through continued participation in FEED and a selective value-oriented project bidding strategy.

A Samsung Engineering spokesperson said, “Samsung Engineering will enhance our performance competitiveness through constant technological innovation and become an EPC company with a different dimension." Further stated, “In the era of Energy Transition, we will accelerate the promotion of future new businesses to overcome social challenges and strengthen the foundation for mid-to long-term sustainable growth.”