Sales and operating profit both fell at Samsung C&T's construction division last year as large-scale projects, including high-tech work, were completed.
Samsung C&T's construction division said on the 28th that last year's sales were 14.148 trillion won, down 24.16% from a year earlier. Operating profit over the same period fell 46.45% to 536 billion won.
A Samsung C&T official said, "Sales and operating profit decreased as large-scale projects, including high-tech work, reached the completion stage."
Fourth-quarter results showed increases in both sales and operating profit from a year earlier. Fourth-quarter sales at Samsung C&T's construction division were 4.044 trillion won, up 10.07% from the same period a year earlier. Operating profit over the same period rose 2.07% to 148 billion won.
Samsung C&T said that sales and operating profit increased from a year earlier as revenue from new projects such as overseas plants began in earnest, maintaining solid profitability. A Samsung C&T official said, "In the fourth quarter, sales and profit increased due to newly won high-tech and power-generation projects."
Samsung C&T's construction division projected sales of 15.8 trillion won this year. It plans to secure a growth base through strengthening relationships with high-quality clients, partnering, and early involvement, amid an environment where orders for semiconductors and data centers are rising due to an artificial intelligence (AI)-led shift in industrial paradigms and energy demand is surging in areas such as renewables and nuclear power.
A Samsung C&T official said, "In the first quarter of this year, results are expected to decline due to the impact of large project completions, but on an annual basis, sales and profit are projected to increase from a year earlier due to the full-scale start of construction on the Pyeongtaek P5 project and other factors."