SAMSUNG E&A

- KRW 2.68 trillion in revenue, KRW 205.3 billion in net profit announced on 25th July

- KRW 9.5 trillion in new orders, KRW 24.1 trillion in order backlog… ensuring abundant work

- Achieved over half of annual revenue and operating profit goals to date

- Pursuing mid- to long-term sustainable growth through profit-optimized order acquisitions and expansion into the energy transition business

SAMSUNG E&A (formerly Samsung Engineering), a total solutions provider for the global energy industry, announced today that it recorded revenue of KRW 2.68 trillion, operating profit of KRW 262.6 billion, and net profit of KRW 205.3 billion as a result of the provisional results for the second quarter of 2024 (on a consolidated basis and under the K-IFRS).

Despite these figures representing decreases of 3.6%, 23.8%, and 18.3%, respectively, compared to the same period last year due to exceptional one-off performance in Q2 2023, they surpassed market consensus (revenue of KRW 2.56 trillion and operating profit of KRW 201.1 billion).

In the first half of 2024, SAMSUNG E&A achieved more than half of its annual targets, with revenue of KRW 5.71 trillion, an operating profit of KRW 471.9 billion, and a net profit of KRW 369.4 billion, reinforcing optimism about meeting its yearly goals.

SAMSUNG E&A stated, “We maintained solid performance through settlement and cost improvements in several late-stage hydrocarbon projects and achieved a stable profit structure in the industrial environment sector.”

Orders in the second quarter amounted to KRW 9.5 trillion, including orders for large-scale hydrocarbon plants such as Saudi Arabia's Fadhili Gas Project, and totaled KRW 10.9 trillion in the first half of the year, achieving 86.6% of the annual order target (KRW 12.6 trillion). As a result, the order backlog at the end of the second quarter recorded 24.1 trillion won, and ample work equivalent to 2 years and 3 months' worth was secured based on last year's revenue.

A SAMSUNG E&A spokesperson said, “We aim to sustain stable growth through meticulous project management supported by our substantial order backlog. Our strategy focuses on acquiring profitable orders by enhancing performance from FEED to EPC and innovation. Additionally, we will bolster our mid- to long-term growth by expanding our involvement in the energy transition sector.”