Samsung C&T (028260) Q3 2024 earnings summary

Executive summary

• 3Q24 sales reached KRW 10,310bn, down KRW 695bn year-over-year, with operating profit at KRW 736bn, a decrease of KRW 164bn from 3Q23.

• Net profit for 3Q24 was KRW 560bn, down KRW 174bn year-over-year, with controlling interest at KRW 448bn.

• Gross profit for 3Q24 was KRW 1,711bn, a decrease of KRW 202bn compared to 3Q23.

Financial highlights

• Year-to-date (1-3Q) sales increased by KRW 315bn to KRW 32,111bn compared to the same period last year.

• Operating profit margin for 3Q24 was 7.1%, down 1.1 percentage points year-over-year.

• Non-operating profit for 3Q24 was KRW 33bn, a decrease of KRW 75bn from 3Q23.

• Net cash position at 3Q24 was KRW 239bn, down from KRW 845bn at the end of 2023.

Outlook and guidance

• Continued focus on hydrogen and data center projects, with new contracts and equity investments secured for future growth.

• Expansion into green hydrogen and data center markets, targeting long-term partnerships and early project involvement.