SAMSUNG E&A, a leader in global energy solutions, today announced that it exceeded market forecasts in the first quarter of 2023, showcasing a resilient performance despite a decline in key financial metrics. The company reported an operating profit of KRW 209.4 billion, surpassing the anticipated KRW 196 billion, along with a net profit of KRW 164.1 billion and revenue of KRW 2.38 trillion.
Despite facing a 5.9% decrease in revenue, a 7.1% drop in operating profit, and a 6.7% decline in net profit compared to the same period last year, the company remains optimistic. SAMSUNG E&A attributes its success to effective project profit and loss management and the integration of innovative practices like modularization and automation in cost management.
The company’s resilience is further underscored by new contract orders totaling KRW 1.4 trillion for the quarter, with an impressive order backlog of KRW 16 trillion. Highlighting its strategic prowess, SAMSUNG E&A secured a major gas plant order from Saudi Arabia in April, achieving about 70% of its annual order target of KRW 12.6 trillion.
Looking ahead, SAMSUNG E&A is committed to a profitability-focused order winning strategy, from FEED to EPC, leveraging technological innovations. The company is also set to expand its footprint in the energy transition sector, focusing on hydrogen and carbon neutrality projects to bolster mid- to long-term sustainable growth.
A company spokesperson emphasized the ongoing focus on robust project management and operational excellence, stating, “We will secure differentiated EPC performance competitiveness through innovation and actively participate in future new businesses based on energy transition, such as hydrogen and carbon neutrality, to strengthen the foundation for mid- to long-term sustainable growth.” This strategic direction is expected to underpin SAMSUNG E&A’s continued market leadership and growth trajectory in the evolving global energy landscape.
