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.

• Revenue for the nine months ended September 30, 2024, was ₩32.1 trillion, with operating profit at ₩2.35 trillion and net income attributable to controlling interests at ₩1.75 trillion.

• The company operates across construction, trading, fashion, resort, food distribution, and bio segments.

Financial highlights

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

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

• Total assets at September 30, 2024, were ₩62.4 trillion; total liabilities were ₩23.9 trillion; equity was ₩38.4 trillion.

• Cash and cash equivalents at period-end were ₩3.46 trillion.

• Operating cash flow for the period was ₩1.87 trillion.

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.

• Domestic construction market expected to remain flat in 2024, with slight growth in 2025 as interest rates ease.

• Global construction market projected to grow at a 7.1% CAGR through 2027, but faces geopolitical and supply chain risks.

• The company maintains a stable dividend policy and continues to focus on cash flow and capital efficiency.