Seoul:Samsung E and A Co., the engineering and construction division of the Samsung Group, announced a significant 37.7 percent increase in its third-quarter net profit compared to the previous year, attributed to revenue growth from large-scale projects and enhanced profitability.
According to Yonhap News Agency, the net profit for the quarter ending in September rose to 216.7 billion won (US$163.2 million) from 157.4 billion won in the same period last year. The company cited contributions from large-scale petrochemical and advanced manufacturing projects, alongside improved cost management and the integration of artificial intelligence and robotics technologies, as key factors enhancing productivity and profitability.
Operating profit more than doubled, reaching 500.6 billion won compared to 176.55 billion won a year ago. Sales also saw a substantial increase, climbing 45.8 percent to 2.91 trillion won from 1.99 trillion won.
For the first nine months of the year, Samsung E and A reported a 23 percent increase in net profit, totaling 562.48 billion won, up from 456.3 billion won the previous year. Operating profit experienced an 86.9 percent surge to 961.9 billion won, with sales rising 24 percent to 7.79 trillion won.
Actively involved in energy solutions and industrial plant construction, Samsung E and A secured new orders worth 9.4 trillion won during the third quarter, bringing its total order backlog to 27.2 trillion won. The company, having previously set an annual operating profit target of 800 billion won and new orders of 12 trillion won, has now revised these goals to 1.4 trillion won in operating profit and 19 trillion won in new orders, as it has already surpassed the initial targets.
Additionally, Samsung E and A plans to initiate a share buyback worth 780 billion won, commencing on Friday and continuing through January.