Samsung C&T’s Q2 OP climbs to $656.5 mn in Q2

Samsung C&T’s Resort Division celebrates the birthday of Rui Bao(left) and Hui Bao(right) at Everland Panda World. [Courtesy of Samsung C&T Corp.]

Samsung C&T Corp. reported an operating profit of 900.4 billion won ($656.5 million) in the second quarter of 2024, with its resort sector giving a much-needed boost amid declines in the trading, construction, and fashion sectors.

Samsung C&T reported revenue of 11.05 trillion won and operating profit of 900.4 billion won in the second quarter of the year, the company said Wednesday. Revenue rose 4 percent from the same period during the previous year, while operating profit increased 16.6 percent.

In the construction business, the company recorded sales of 4.92 trillion won and operating income of 283 billion won. Although sales increased by 164 billion won compared to the same period in 2023, operating profit decreased by 22 billion won. “Revenue increased due to progress in major projects at home and abroad. Operating profit was maintained due to stable project execution,” a company official said.

The trading division posted sales of 3.4 trillion won and operating profit of 72 billion won, both down from the same period during the previous year. The fashion division posted sales of 513 billion won and an operating profit of 52 billion won, both of which were also down. The resort division posted sales of 1.02 trillion won and operating profit of 66 billion won, an increase of 92 billion won in sales and 17 billion won in operating profit compared to the same period in 2023. The popularity of the pandas at its Everland amusement park and zoo led to an increase in visitors, while the food and beverage business turned in a robust performance, both of which contributed to higher sales and operating profit, the company said.

Samsung C&T plans to continuously explore new growth engines. In addition to the domestic green hydrogen demonstration project, the company has participated in green hydrogen engineering, procurement and construction (EPC) projects overseas. “We are expanding the value chain by seeking various business opportunities,” the company said, while adding that it will continue to strive for stable growth.