Samsung E&A (formerly Samsung Engineering), a comprehensive solutions provider for the global energy sector, reported revenue of 2.68 trillion won and an operating profit of 262.6 billion won (approximately $194 million) for the second quarter of 2024. Despite declines of 3.6%, 23.8%, and 18.3% respectively compared to the previous year, the figures surpassed market expectations of 2.56 trillion won in revenue and 201.1 billion won in operating profit.
The company achieved more than half of its annual goals in the first half of 2024, with revenues reaching 5.71 trillion won, an operating profit of 471.9 billion won, and a net profit of 369.4 billion won. SAMSUNG E&A credits its stable performance to cost improvements and settlement gains in several late-stage hydrocarbon projects, along with a robust profit structure in the industrial environment sector.
Second-quarter orders totaled 9.5 trillion won, including significant projects like Saudi Arabia’s Fadhili Gas Project, bringing first-half orders to 10.9 trillion won, or 86.6% of the annual target. The order backlog at the end of Q2 stood at 24.1 trillion won, securing work equivalent to over two years based on last year’s revenue.
A company spokesperson highlighted SAMSUNG E&A’s strategy for sustainable growth through meticulous project management and a focus on acquiring profitable orders. The strategy includes enhancing performance from front-end engineering and design (FEED) to engineering, procurement, and construction (EPC) and investing in innovation, particularly in the energy transition sector.
