Samsung Heavy Industries said on the 23rd that its operating profit for the third quarter was tentatively tallied at 238.1 billion won, up 99% from the same period a year earlier.
Sales rose 13% in the same period to 2.6348 trillion won, and net profit was tentatively tallied at 140.3 billion won, up 96.5%.
Samsung Heavy Industries' cumulative third-quarter sales were 7.8121 trillion won, up 8.5% from the same period last year, and operating profit was tentatively tallied at 566.0 billion won, up 72.3%.
Samsung Heavy Industries explained that operating profit increased as low-priced container ship sales fell and sales in the high-margin institutional sector of offshore rose, depending on the mix of ship types.
Samsung Heavy Industries also said that with an increase in ships ordered during a ship price upcycle and a higher share of sales from the offshore institutional sector, this year's sales will exceed the early-year target of 10.5 trillion won.
As of October, Samsung Heavy Industries has recorded orders for a total of 27 vessels worth $5.0 billion. By ship type, they include seven liquefied natural gas (LNG) carriers, nine shuttle tankers, two very large ethane carriers, six crude oil tankers, two container ships, and one offshore production facility (preliminary contract).
By business institutional sector, the commercial ship institutional sector has achieved $4.3 billion (74%) of its $5.8 billion order target. The offshore institutional sector, which has won $700 million in orders, plans to finalize orders for Coral FLNG and Delfin FLNG within the year to achieve its $4.0 billion target.
A Samsung Heavy Industries official said, "Considering the current progress of order items in both commercial ships and offshore, achieving this year's order target should be possible," adding, "We will continue to expand profitability based on quality orders."