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Samsung C&T logo (Samsung C&T) |
Samsung C&T said Wednesday its 2023 net profit gained 6.8 percent from a year earlier, driven by the strong performance of its construction and resort business.
The net profit came to 2.71 trillion won ($2 billion) in the three months ended in December, compared with 2.54 trillion won a year ago, the company said in a regulatory filing.
Operating profit was 2.87 trillion won, compared with 2.52 trillion from the previous year, and annual sales fell 2.9 percent to 41.89 trillion won.
The trading, construction, fashion and resort arm of South Korea's top conglomerate, Samsung Group, attributed its increase in profitability to a diversified business portfolio.
Samsung C&T's construction division reported an operating profit of 1.03 trillion won in 2023, up 18.2 percent from a year earlier, and a 32.3 percent jump in sales thanks to a combined 19.2 trillion won worth of deals struck last year.
The company said its projects in the Middle East, including a solar panel project in Qatar and a tunnel construction project for Saudi Arabia's Neom city, also began making profits.
The resort and fashion divisions also saw their operating profit rise 50.4 percent and 7.8 percent on-year last year to 194 billion won apiece, respectively.
But the general trading division posted a 9.3 percent decrease in operating profit to 360 billion won and a 34.4 percent drop in sales to 13.3 trillion won due to a global economic slowdown.
The company said it plans to strengthen its competitiveness in new businesses, such as eco-friendly energy, small modular reactors and biology, this year.
The company also plans to cancel about 1 trillion won-worth of its outstanding shares later this year. (Yonhap)
