Samsung C&T(028260) The trading division saw both sales and operating profit rise in the second quarter this year on the back of strong industrial goods trading in steel, chemicals, and fertilizers, as well as overseas business performance.
Samsung C&T's trading division posted second-quarter sales of 4.703 trillion won and operating profit of 142 billion won. Compared with the same period a year earlier, sales rose 24.5% and operating profit increased 77.5%.
Compared with the previous quarter, sales increased 14.3% and operating profit rose 30.3%. Although uncertainty in the global supply chain grew due to the fallout from the war in the Middle East, results improved across trading, business development, and overseas business operations.
In trading, sales of major industrial goods such as steel, chemicals, and fertilizers increased in response to rising global market conditions. Profitability also improved in overseas operating businesses, including precision steel, contributing to results.
The solar development business recorded a $9.5 million gain on sale in the second quarter. That is up $1.4 million from the same period last year.
Samsung C&T's trading division plans to expand the value chain of industrial goods trading, including steel, fertilizers, and nonferrous metals. It also aims to grow renewable energy businesses such as solar and energy storage systems (ESS), while pursuing new technology ventures, including semiconductor materials, parts, and equipment.