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Samsung Heavy doubles net profit in Q3 on high-end ship orders

Published: 24 Oct. 2024, 17:11

Samsung Heavy Industries' liquefied natural gas ship [YONHAP]

Samsung Heavy Industries, the world's third-largest shipbuilder by orders, said Thursday its third-quarter net profit more than doubled from a year earlier on high-end ships.

Net profit for the three months through September soared to 71.4 billion won ($52 million) from 35.6 billion won in the same period last year, the company said in a statement.

"Increased orders for value-added ships, such as liquefied natural gas (LNG) carriers and floating LNG facilities, propped up the bottom line," it said.

Operating profit jumped 58 percent to 119.9 billion won in the third quarter from 75.9 billion won a year ago. Sales rose 15 percent to 2.32 trillion won from 2.03 trillion won during the cited period.

Samsung Heavy has received $5.4 billion worth of orders so far this year, which account for 57 percent of its annual order target of $9.7 billion.

The company said it is "on track" to achieve its annual earnings guidance released early this year.

It has targeted an operating profit of 400 billion won on sales of 9.7 trillion won this year, higher than 233 billion won and 8 trillion won in 2023.

It has an order backlog of $31.9 billion, which will keep its shipyard in Geoje, South Gyeongsang, busy for the next three years.

Yonhap