Samsung Heavy Industries announced on the 24th that its operating profit in the first quarter (January to March) increased by 58% compared to the first quarter of last year, despite a decrease in working days.
Samsung Heavy Industries reported that its revenue for the first quarter was 2.49 trillion won, a 6.2% increase from the same period last year. During the same period, operating profit rose by 58.0% to 123.1 billion won. Net profit was recorded at 90.1 billion won, an increase of 1,055.1%.
Samsung Heavy Industries noted, "We maintained a trend of revenue expansion while improving profitability significantly."
Samsung Heavy Industries is anticipating that sales and operating profits will show an upward trend each quarter due to the full-scale production of floating liquefied natural gas production, storage, and unloading facilities (FLNG). It projected a profit margin of around 6% for the year.
Samsung Heavy Industries set an annual sales target of 10.5 trillion won and an operating profit target of 630 billion won for this year. As of today, it has secured contracts worth $2.2 billion (16 ships), which corresponds to 22% of the annual order target of $9.8 billion.
Samsung Heavy Industries stated that it plans to diversify its order portfolio, focusing on profitable liquefied natural gas (LNG) carriers and FLNG projects.