Overall Performance
Revenue: KRW 10.586T, Operating Profit: KRW 772B
- Year-over-Year (YoY) comparison:
Revenue slightly decreased by KRW 233B (-2.2%) from KRW 10.819T in Q2 2022
Operating profit increased by KRW 216B (38.9%) from KRW 556B in Q2 2022
- Quarter-over-Quarter (QoQ) comparison:
Revenue increased by KRW 347B (3.4%) from KRW 10.239T in Q1 2023
Operating profit increased by KRW 131B (20.4%) from KRW 641B in Q1 2023
Despite continued global economic uncertainty, Samsung C&T posted YoY and QoQ operating profit growth as it continued to improve profitability on the back of differentiating competitiveness.
The Engineering & Construction Group recorded improvements in Q2 while sustaining stable progress in domestic and overseas projects. The Trading & Investment Group saw a QoQ increase in operating profit amid strengthened trading competitiveness and enhanced efficiency in operating businesses.
The Fashion Group posted a slight QoQ drop in operating profit due to an isolated cost increase, but managed to maintain its overall performance at a similar level to the previous quarter as most of its business areas performed well, including international brands.
The Resort Group’s revenue improved due to an increase in leisure demand. Although inflation caused operating profit to fall YoY, it was up QoQ.
Cumulative new orders in Q2 reached KRW 14.4T, exceeding the initial annual forecast of KRW 13.8T. As the company achieved this yearly target, annual guidance on new orders was revised upward to KRW 19.9T.
Samsung C&T won large-scale projects at home and abroad, including a multi-development project in Taiwan, a semiconductor factory in the U.S., and housing. The company will build on its robust profit base to win orders for further building projects as well as projects in key markets such as the Middle East in the second half of the year.
Engineering & Construction Group
Revenue: KRW 4.751, Operating Profit: KRW 305B
– YoY comparison:
Revenue rose by 1.392T (41.4%) from KRW 3.359T in Q2 2022,
operating profit rose by KRW 150B (96.8%) from KRW 155B in Q2 2022
– QoQ comparison:
Revenue rose by KRW 151B (3.3%) from KRW 4.6T in Q1 2023,
operating profit rose by KRW 13B (4.5%) from KRW 292B in Q1 2023
The group maintained an overall solid performance on the back of stable progress at home and abroad, including global airport and LNG development, increased housing sales, and revenue generation from new overseas EPC projects.
Trading & Investment Group
Revenue: KRW 3.516T, Operating Profit: KRW 114B
– YoY comparison:
Revenue fell by KRW 1.899T (-35.1%) from KRW 5.415T in Q2 2022,
operating profit fell by KRW 15B (-11.6%) from KRW 129T in Q2 2022
– QoQ comparison:
Revenue fell by KRW 88B (-2.4%) from KRW 3.604T in Q1 2023,
operating profit rose by KRW 15B (15.2%) from KRW 99B in Q1 2023
Despite the downward price trend affecting commodities, operating profit marked QoQ growth on the back of enhanced profitability achieved through increased steel sales and greater efficiency in operating businesses, while sales dropped due to a base effect and the restructuring of low-profit businesses.
Fashion Group
Revenue: KRW 524B, Operating Profit: KRW 57B
– YoY comparison:
Revenue rose by KRW 9B (1.8%) from KRW 515B in Q2 2022,
operating profit fell by KRW 5B (-8.1%) from KRW 62B in Q2 2022
– QoQ comparison:
Revenue fell by KRW 2B (-0.4%) from KRW 526B in Q1 2023,
operating profit was on par with Q1 2023
Operating profit fell YoY due to a one-time cost increase, while remaining on par with the previous quarter thanks to a strong overall performance in most business areas, including international products and brands such as 8Seconds.
Resort Group
Revenue: KRW 929B, Operating Profit: KRW 49B
– YoY comparison:
Revenue rose by KRW 54B (6.1%) from KRW 875B in Q2 2022,
operating profit fell by KRW 7B (-12.5%) from KRW 56B in Q2 2022
– QoQ comparison:
Revenue rose by KRW 141B (17.9%) from KRW 788B in Q1 2023,
operating profit rose by KRW 42B (600%) from KRW 7B in Q1 2023
Revenue grew YoY on the back of an increase in leisure demand. Operating profit fell YoY due to the effects of inflation, etc., but improved from the previous quarter.
