Samsung Engineering, one of the world’s leading engineering, procurement, construction, and project management (EPC&PM) companies with a major presence in the region, said it has recorded an operating profit of KRW225.4 billion for the first quarter, up 54.7% over last year.

 

Announcing its Q1 provisional financial results today (April 27), Samsung Engineering said the group's revenue grew 17% to hit KRW2.53 trillion, while its net profit (on a consolidated basis and under the K-IFRS) hit KRW175.9 billion, up 29%. 

 

The Korean EPC giant said it exceeded the market forecast for operating profit (estimated for about KRW180 billion) due to excellent project management performance and initiating cost optimizing management efforts.

 

"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," said a spokesperson for Samsung Engineering.

 

In the first quarter, new orders came in at KRW2.1 trillion, with an order backlog of approximately KRW18 trillion, he revealed.

 

In the region, Samsung Engineering netted several contracts such as the Pre-Construction Services Agreement contract for the Hail & Ghasha Gas Development Project in the first quarter thus continuing 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, said the spokesperson.

 

According to him, Samsung Engineering will enhance its performance competitiveness through constant technological innovation and become an EPC company with a different dimension.

 

"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," he added.-TradeArabia News Service