Samsung Heavy Industries Co. announced a substantial increase in its first-quarter net profit, reporting 90.1 billion won (US$62.8 million) for the January-March period, compared to 7.8 billion won a year earlier.
This figure surpassed the average analyst estimate of 60.6 billion won, according to Yonhap Infomax. The company's operating profit rose by 58% year-on-year to 123.1 billion won, while sales increased by 6.2% to 2.49 trillion won.
Samsung Heavy Industries attributed this performance to "a significant improvement in profitability while maintaining the trend of sales expansion."
The company remains optimistic about its annual targets, aiming for 10.5 trillion won in sales and 630 billion won in operating profit. As of the first quarter, it has secured $2.2 billion in orders, representing 22% of its annual order target of $9.8 billion.
Samsung Heavy Industries plans to continue diversifying its order portfolio, focusing on high-value ships such as liquefied natural gas (LNG) carriers and floating LNG facilities.
HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) reported a more than threefold increase in its first-quarter net income, reaching 611.6 billion won (US$427.8 million), up from 193.3 billion won a year ago. Operating income surged by 436.3% year-on-year to 859.2 billion won, and sales rose by 22.8% to 6.77 trillion won.
Samsung Heavy Industries is a South Korean shipbuilding company specializing in the construction of various vessels, including LNG carriers, drillships, and offshore platforms. It is one of the largest shipbuilders globally and a key subsidiary of the Samsung Group.
HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) is a subholding company under HD Hyundai, overseeing shipbuilding and offshore engineering operations. It manages major subsidiaries such as HD Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co., and Hyundai Samho Heavy Industries Co.