Samsung C&T Q3 2021 earnings

Overall Performance

  • Revenue: KRW 8.303Tn, up KRW 453Bn (5.8%↑) from Q3 2020 (KRW 7.850Tn)
  • Operating Profit: KRW 141Bn, down KRW 75Bn (34.7%↓) from Q3 2020 (KRW 216Bn)

Samsung C&T Corporation reported a sound performance in Q3 2021 on the back of improvements in business competitiveness of the Trading & Investment (T&I) and Fashion Groups, and the steady growth of subsidiary Samsung Biologics, while operating profit fell due to a one-time loss incurred within the Engineering & Construction (E&C) Group.

The company’s overall profit structure remains solid, with cumulative operating profit as of Q3 reaching KRW 868.8Bn, exceeding the KRW 600.7Bn recorded in Q3 2020, as T&I, Fashion, and Biologics continue to improve their performance.

Trading & Investment Group

  • Revenue: KRW 4.363Tn, up KRW 903Bn (26.1%↑) from Q3 2020 (KRW 3.460Tn)
  • Operating Profit: KRW 82Bn, up 36Bn (78.3%↑) from Q3 2020 (KRW 46Bn)

Revenue and operating profit grew on increased trading volume from both continuing strong demand for commodities and the group’s securing of new trading opportunities through strengthening its business competitiveness.

Fashion Group

  • Revenue: KRW 375Bn, up KRW 34Bn (10.0%↑) from Q3 2020 (KRW 341Bn)
  • Operating Profit: KRW 17Bn, up KRW 31Bn (221.4%↑) from Q3 2020 (KRW -14Bn)

An increase in sales from imported brands and e-commerce led to a turnaround in revenue and operating profit.

Resort Group

  • Revenue: KRW 707Bn, up KRW 40Bn (6.0%↑) from Q3 2020 (KRW 667Bn)
  • Operating Profit: KRW 16Bn, up KRW 1Bn (6.7%↑) from Q3 2020 (KRW 15Bn)

Both revenue and operating profit rose on the back of a partial recovery in demand in the leisure industry and a strong performance in the golf business.

Engineering & Construction Group

  • Revenue: KRW 2.407Tn, down KRW 700Bn (22.5%↓) from Q3 2020 (KRW 3.107Tn)
  • Operating Profit: KRW -130Bn, down KRW 254Bn (204.8%↓) from Q3 2020 (KRW 124Bn)

Revenue and operating profit fell due to a one-time loss caused by an increase in construction costs for a coal-fired power plant project in Korea.

* Cumulative new orders as of Q3: KRW 8.7Tn (81.3% of annual target of KRW 10.7Tn)

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