Samsung C&T Q2 2021 earnings

Samsung C&T posted year-over-year (yoy) growth in both revenue and operating profit in Q2 2021, on the back of the global economic recovery, improvement of the Trading & Investment Group and Fashion Group’s business fundamentals, and an increase in profits contributed by subsidiary Samsung BioLogics.

Revenue in Q2 2021 rose to KRW 8.548Tn (18.3%↑ yoy) and operating profit reached KRW 425Bn (78.6%↑ yoy), while the amount in new orders for the Engineering & Construction Group in H1 stood at KRW 7.5Tn (70% of the annual target of KRW 10.7Tn).

In the second half of the year, Samsung C&T will seek to achieve its annual target by further strengthening the competitiveness of its businesses and devising strategies aligned to the evolving business environment.

Factors of uncertainty remain, such as the possibility of a COVID-19 resurgence, but the company will endeavor to maintain its strong performance by bolstering the execution capabilities of each of its business groups.

It will also seek to continuously expand its business portfolio as part of efforts to secure future growth drivers. At the same time, the company will prepare for changes in the external environment by maintaining its ESG and new business development activities.

Overall Performance

Revenue: KRW 8.548Tn, up KRW 1.325 (18.3%↑) from KRW 7.223Tn in Q2 2020

Operating Profit: KRW 425Bn, up KRW 187Bn (78.6%↑) from KRW 238Bn in Q2 2020

Revenue saw yoy growth amid the recovery of commodities markets and domestic consumer confidence in line with the turnaround of the global economy.

Operating profit also grew on the back of a strong performance in the Trading & Investment Group’s trading operations, improvements in the Fashion Group’s operating profit margins, and an increase in capacity utilization at Samsung BioLogics’s production facilities.

Engineering & Construction Group

Revenue: KRW 2.659Tn, down KRW 183Bn(6.4%↓) from KRW 2.842Tn in Q2 2020

Operating Profit: KRW 113Bn, down KRW 35Bn (23.6%↓) from KRW 148Bn in Q2 2020

Both revenue and operating profit decreased yoy due to a drop in revenue at major construction sites, etc.

Trading & Investment Group

Revenue: KRW 4.297Tn, up 1.280Tn (42.4%↑) from KRW 3.170Tn in Q2 2020

Operating Profit: KRW 90Bn, up KRW 77Bn (592.3%↑) from KRW 13Bn in Q2 2020

Revenue and operating profit saw yoy growth as trading volume and commodities prices increased along with an improvement in the competitiveness of the group’s businesses amid the global economic recovery.

Fashion Group

Revenue: KRW 444Bn, up KRW 67Bn (17.8%↑) from KRW 377Bn in Q2 2020

Operating Profit: KRW 43Bn, up 42Bn (4200.0%↑) from KRW 1Bn in Q2 2020

Both revenue and operating profit grew yoy as operating profit margins improved with the recovery in domestic consumer confidence and the strength of imported and online brands.

Resort Group

Revenue: KRW 736Bn, up KRW 56Bn (8.2%↑) from KRW 680Bn in Q2 2020

Operating Profit: KRW 24Bn, up KRW 18Bn (300.0%↑) from KRW 6Bn in Q2 2020

Revenue and operating profit grew yoy on the seasonality of the park business as well as strong performances across its country club business.

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