Samsung Engineering & Architecture Posts 176.5 Billion Won Operating Profit in Q3... Expands Orders in Energy Transition and LNG
Samsung Engineering & Architecture continued its solid performance in the third quarter, recording an operating profit of 176.5 billion won. Preliminary figures show sales of 1.9956 trillion won and net profit of 157.4 billion won.
On October 30, Samsung Engineering & Architecture announced its consolidated results for the third quarter. Compared to the same period last year, sales, operating profit, and net profit decreased by 13.9%, 13.4%, and 0.6%, respectively. The company explained that it achieved operating profit exceeding market expectations due to improved project cost efficiency.
Samsung Engineering & Architecture stated, "Revenues from large-scale petrochemical plants such as the Fadhili Gas project in Saudi Arabia and domestic industrial environment plants have been fully reflected," adding, "We believe it is possible to achieve our annual targets."
New orders for the third quarter amounted to 1.4394 trillion won, with cumulative orders reaching 4.0878 trillion won. The order backlog stands at approximately 18 trillion won. In the second half of the year, order intake expanded, particularly in the fields of energy transition and liquefied natural gas (LNG).
On this day, the company signed a 680 billion won contract with Wabash Valley Resources in the United States for the engineering, procurement, and fabrication (EPF) of a low-carbon ammonia plant. In August, Samsung Engineering & Architecture secured a front-end engineering design (FEED) contract for an eco-friendly LNG project in Indonesia, followed by a pre-FEED contract for a North American LNG project this month, accelerating its efforts to penetrate the LNG market.
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A Samsung Engineering & Architecture representative said, "We expect to win orders for blue ammonia and petrochemical projects in our key markets, including the Middle East, within the year. We will strengthen the stability of our existing businesses and accelerate the pursuit of new businesses aligned with the era of energy transition to secure a foundation for mid- to long-term growth."
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