Samsung SDS posts record revenue on upbeat cloud sales

South Korean IT solutions provider Samsung SDS logged a record sales of 17.2 trillion won ($14 billion) in 2022 that was driven by an expansion in its cloud business, the firm said Thursday.

In a regulatory filing, the company said its annual sales in 2022 saw a growth of 26 percent when compared to the previous year. It also posted an operating profit of 916.1 billion won.

In the fourth quarter of 2022, the company garnered 4.25 trillion won in sales and an operating profit of 187.5 billion won.

The company said its IT service sector, which encompasses the cloud service to consultation services for enterprise resource planning system transition, recorded 5.96 trillion won in sales in 2022, up 5.9 percent on-year.

The company attributed the growth in earnings to the expansion of its cloud service, which saw its annual sales surpass the 1 trillion won mark to reach 1.16 trillion won.

Samsung SDS also witnessed growth in its logistics sector, which achieved sales of 11.2 trillion won, increasing by 41 percent when compared to the previous year.

Amid worries that the global economic downturn will prolong into 2023, the IT company said it will actively push for global expansion of its cloud and digital logistics businesses.

The company said it will add new products to its Samsung Cloud Provider service portfolio. It will also expand its logistics services to the US and Europe this year, it added.

By Jo He-rim (herim@heraldcorp.com)