SHI posts record sales in the third quarter

In the third quarter, Samsung Heavy Industries (SHI) posted sales revenue of KRW 2.596 trillion, operating profit of KRW 142.5 billion, and net profit of KRW 174.2 billion. Sales are now at a record-high since the founding of the company in 1974.

Sales were up 16% (KRW 357.3 billion) compared to a year ago, while operating profit and ordinary profit rose 19.7% (KRW 23.5 billion) and 22.9% (KRW 44.2 billion), respectively. Net profit was up 23.1% (KRW 32.7 billion) from a year ago.

The sales increase was spurred in part by the construction of more high value-added ships, as well as productivity enhancements that enabled the company to produce ships at smaller sites.

This year, SHI received an order to build a drill ship worth USD 940 million, a record-high price, as well as an LNG-FPSO worth KRW 1 trillion. The value of these two ships amounts to USD 13.9 billion, enabling SHI to already reach 93% of its 2008 target of USD 15 billion.