CORPORATE

Samsung C&T

Q1 2022 earnings

Apr 28, 2022

Overall Performance

 

  • Revenue: KRW 10.44T, up KRW 2.6T (33.2%↑) from KRW 7.84T in Q1 2021
  • Operating Profit: KRW 542B, up KRW 239B (78.9%↑) from KRW 303B in Q1 2021

 

In Q1, both revenue and operating profit improved as Samsung C&T’s efforts to improve its business fundamentals and competitiveness came to fruition.

 

The Trading & Investment Group improved profitability by emphasizing business competitiveness and preventive risk management in line with its “select and focus” strategy, while the Fashion Group saw performance improvements in all of its businesses following a recovery in consumer confidence.

 

The Engineering & Construction Group witnessed year-over-year growth in both revenue and operating profit as large-scale construction projects entered full swing. Subsidiary Samsung Biologics increased its profit contribution through higher production capacity utilization. New orders for the Engineering & Construction Group in Q1 amounted to KRW 4.9T, or approximately 42% of the KRW 11.7T annual forecast.

 

In Q2, the company aims to further build on its improved business fundamentals to continue to improve overall profitability and strengthen the profit structure of each business group.

 

 

Engineering & Construction Group

 

  • Revenue: KRW 3.19T, up KRW 244B (8.8%↑) from KRW 2.775T in Q1 2021
  • Operating Profit: KRW 155B, up KRW 20B (14.8%↑) from KRW 135B in Q1 2021

 

Revenue and operating profit grew year-over-year as large-scale construction projects began in earnest.

 

 

Trading & Investment Group

 

  • Revenue: KRW 5.781T, up 2.003T (53%↑) from 3.778T in Q1 2021
  • Operating Profit: KRW 190B, up KRW 106B (126.2%↑) from KRW 84B in Q1 2021

 

Revenue and operating profit rose on the back of the group’s focus on core business models and partners, which enabled rapid adaptation to market changes, as well as due to efforts to strengthen overall trading competency.

 

 

Fashion Group

 

  • Revenue: KRW 474B, up KRW 53B (12.6%↑) from KRW 421B in Q1 2021
  • Operating Profit: KRW 42B, up KRW 21B (100.0%↑) from KRW 21B in Q1 2021

 

Revenue and operating profit grew in line with improved performances in all of the group’s businesses following a recovery in consumer confidence.

 

 

Resort Group

 

  • Revenue: KRW 655B, up KRW 50B (8.3%↑) from KRW 605B in Q1 2021
  • Operating Profit: KRW -10B, down KRW 9B from KRW -1B in Q1 2021

 

Revenue increased amid a rebound in park visitor numbers, while operating profit fell due to reduced F&B demand following the spread of the Omicron variant of COVID-19.