Samsung C&T (028260) Q2 2024 earnings summary

Executive summary

• 2Q24 consolidated sales reached KRW 11,005 bn, up KRW 419 bn year-over-year and KRW 209 bn quarter-over-quarter.

• Operating profit for 2Q24 was KRW 900 bn, up KRW 188 bn from 1Q24 and KRW 128 bn from 2Q23.

• Net profit for 2Q24 was KRW 734 bn, a decrease of KRW 88 bn quarter-over-quarter but up KRW 39 bn year-over-year.

Financial highlights

• Gross profit for 2Q24 was KRW 1,913 bn, up KRW 264 bn quarter-over-quarter and KRW 225 bn year-over-year.

• Operating margin improved to 8.2% in 2Q24 from 6.6% in 1Q24 and 7.3% in 2Q23.

• 1H24 sales totaled KRW 21,801 bn, up KRW 976 bn year-over-year; 1H24 net profit was KRW 1,556 bn, up KRW 109 bn.

Outlook and guidance

• Continued focus on new business development in hydrogen, SMR, and bio sectors to drive future growth.

• Expansion of food service and distribution business in Vietnam, leveraging new logistics infrastructure.