Samsung Engineering, a leading engineering, procurement, construction, and project management (EPC&PM) company with a major presence in the region, has recorded has recorded a net profit of KRW251.4 billion ($195.2 million) for the second quarter, while its revenue surged  by 11.7% to hit KRW2.79 trillion ($2.2 billion), thus continuing its solid performance.

 

Announcing its results for the three-month period ended June 30, 2023, Samsung Engineering said its operating profit registered a more than two-fold increase to hit KRW344.5 billion. 

 

Compared to the previous year, the Korean EPC contractor's revenue, net profit and operating profit increased by 11.7%, 124.5%, and 80.1%, respectively. 

 

As a result, Samsung Engineering recorded revenue of KRW5.3 trillion, an operating profit of KRW569.8 billion, and a net profit of KRW 427.3 billion in the first half of 2023.

 

During the second quarter, the group's orders came in at KRW 1.72 trillion and accumulated first half of 2023 order of KRW3.82 trillion with an order backlog of approximately KRW 17.3 trillion.

 

On its future growth plans, Samsung Engineering said it 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.

 

"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," said a comoany spokesman. 

 

"Further, the industrial environment division also continued its solid earnings trend while maintaining a stable profit structure," he stated.

 

"We plan to continue stable growth through profitability-oriented project management and substantial management," said the spokesman. 

 

"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," he added.-TradeArabia News Service