Samsung Heavy Industries [010140] disclosed on the 24th that its Q2 operating profit surged 58.7% year-over-year to 325 billion won, driven by the full-scale expansion of global operation production and the resumption of Dock 2 launches. The company, which achieved $10 billion in new orders from January to July, reported Q2 revenue of 3.2307 trillion won, up 20.4% from the prior year. The results reflect Samsung Heavy Industries' progress toward its annual revenue guidance of 12.8 trillion won, though both operating profit and revenue fell short of market consensus estimates.
Samsung Heavy Industries Reports Q2 Operating Profit of 325 Billion Won
According to Samsung Heavy Industries' consolidated preliminary results disclosed on the 24th, Q2 operating profit reached 325 billion won, representing a 58.7% increase from the same period last year. Revenue rose 20.4% to 3.2307 trillion won. Both figures came in below market expectations. Yonhap Infomax's survey of nine major domestic securities firms over the past month showed consensus estimates of 367.6 billion won for operating profit and 3.3177 trillion won for revenue. Samsung Heavy Industries' Q2 net profit stood at 222.8 billion won, up 4.9% year-over-year.
Samsung Heavy Industries H1 Revenue Reaches 6.133 Trillion Won
For the first half, Samsung Heavy Industries posted revenue of 6.133 trillion won and operating profit of 598.1 billion won, up 19% and 82% respectively from the same period last year. The company stated that given this revenue growth trajectory, achieving its annual revenue guidance of 12.8 trillion won presented at the beginning of the year appears feasible.
Samsung Heavy Industries Secures $10 Billion in New Orders Through July
Samsung Heavy Industries achieved $10 billion in new orders from January to July. The shipbuilding division has already reached 98% of its annual target, and the company anticipates additional orders centered on liquefied natural gas (LNG) carriers. In the offshore division, Samsung Heavy Industries is in discussions for orders including the Delfin (Vessel 2) and Western FLNG projects, and expects to meet its annual order target of $13.9 billion. A Samsung Heavy Industries official stated, "In the second half, we will continue efforts to produce tangible results in various U.S. business areas, including floating data centers (FDC) and maintenance, repair, and operations (MRO), which have recently attracted significant market attention."
FAQ
What was Samsung Heavy Industries' Q2 operating profit?
Samsung Heavy Industries disclosed on the 24th that its Q2 operating profit was 325 billion won, a 58.7% increase from the same period last year. Q2 revenue reached 3.2307 trillion won, up 20.4% year-over-year.
How much has Samsung Heavy Industries secured in new orders this year?
Samsung Heavy Industries achieved $10 billion in new orders from January to July. The shipbuilding division has reached 98% of its annual target, and the company is pursuing additional LNG carrier orders and offshore projects to meet its annual order target of $13.9 billion.
