Samsung C&T (028260) Q4 2024 earnings summary

Executive summary

• 4Q 2024 consolidated sales reached KRW 9,993 bn, down 3% sequentially but nearly flat year-over-year; full-year 2024 sales were KRW 42,103 bn, up slightly from 2023.

• Operating profit for 4Q 2024 was KRW 635 bn, down 14% sequentially but up 1% year-over-year; full-year operating profit rose to KRW 2,984 bn.

• Net profit for 4Q 2024 was KRW 656 bn, up 17% sequentially and 15% year-over-year; full-year net profit was KRW 2,772 bn.

Financial highlights

• Gross profit for 4Q 2024 was KRW 1,834 bn, up 7% sequentially and 11% year-over-year.

• SG&A expenses increased to KRW 1,199 bn in 4Q 2024, up 23% sequentially and 16% year-over-year.

• Operating margin for 4Q 2024 was 6.4%, down from 7.1% in 3Q 2024 but up from 6.2% in 4Q 2023.

• Non-operating profit in 4Q 2024 was KRW 137 bn, up significantly from 3Q 2024 and 4Q 2023.

Outlook and guidance

• 2025 revenue is expected to remain stable year-over-year, supported by a diversified business portfolio.

• E&C sales are projected to decline due to completion of large projects, while T&I and F&B are forecast to grow; Bio sales volume is expected to expand with Plant 4's full operation.

• New orders in E&C are targeted to increase, focusing on tech-driven products and new businesses.