Samsung Engineering Q1 Operating Profit 174.4 Billion KRW... Up 62.6% YoY
Sales of 2.1634 trillion KRW, Net Profit of 113.7 billion KRW
[Asia Economy Reporter Park Sun-mi] Samsung Engineering continued its solid performance by posting an operating profit of 174.4 billion KRW in the first quarter.
On the 26th, Samsung Engineering announced its preliminary consolidated earnings for the first quarter of 2022, recording sales of 2.1634 trillion KRW, operating profit of 174.4 billion KRW, and net profit of 113.7 billion KRW. Compared to the same period last year, sales, operating profit, and net profit increased by 41.3%, 62.6%, and 12.0%, respectively.
Large-scale petrochemical projects in Mexico and Malaysia were fully reflected in the results. Achievements in technological innovation such as automation and modularization also contributed to performance improvement through quality enhancement, cost reduction, and shortening of construction periods.
First-quarter orders amounted to 2.8086 trillion KRW, achieving 35.1% of the annual order target of 8 trillion KRW, and the order backlog stood at 17.2 trillion KRW, securing work equivalent to two years and four months based on 2021 sales. The company expects the overseas order market to gradually improve following the second quarter due to external environmental changes such as rising oil prices and recovery of investment sentiment, and plans to actively pursue orders centered on core sectors such as petrochemicals, refining, and gas.
Additionally, through continuous participation in FEED (Front-End Engineering Design) bidding, the company plans to secure order competitiveness focused on profitability. In particular, this year, with the EPC (Engineering, Procurement, and Construction) conversion of FEED projects carried out in Southeast Asia and other regions approaching, it is expected that linked order achievements based on the FEED to EPC strategy will continue.
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Meanwhile, Samsung Engineering held a founding anniversary ceremony via internal broadcasting on the day to celebrate its 52nd anniversary and the 10th anniversary of moving into the Sangil-dong new headquarters. Samsung Engineering President Choi Sung-an delivered a congratulatory message, saying, “Since the company’s founding in 1970, it has continuously grown by dynamically responding to changes in the times,” and urged, “Let us move forward together to achieve a new leap.”
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