Samsung Heavy Industries' operating profit up 58% in January-March period... Profits improve as FLNG production gets underway (South Korea)

According to the provisional consolidated financial results for the January-March 2025 period announced by South Korean shipbuilder Samsung Heavy Industries on the 24th, sales will be 2.4943 trillion won (about 2,484 yen), up 6% from the same period last year.
Operating profit increased by a significant 58% to 123.1 billion won (approximately 12.2 billion yen). Although both sales and operating profit decreased from the previous October-December 2024 period,
The difference in the number of days affected the results. Compared to the same period last year, the increase in sales and the significant improvement in profitability contributed to the results. The company also presented a bullish outlook for its full-year results for 2025.
As production of floating liquefied natural gas (FLNG) facilities, a high value-added product, gets underway in earnest, the company expects that both sales and operating profits will continue to increase each quarter.
In particular, sales of marine construction projects are expected to remain strong in the second half of the year, contributing to improved profits. As a result, the company is also looking to achieve an operating profit margin of around 6% for the full year.
Despite recording non-operating expenses such as interest expenses, the company recorded a profit of 90.9 billion won before tax. The company's orders received since the beginning of the year amounted to 22% of its full-year target of 9.8 billion dollars.
A Samsung Heavy Industries official said, "We are making steady progress toward achieving our targets of 10.5 trillion won in sales and 630 billion won in operating profit, which we set at the beginning of the year.
"We intend to build a diverse order portfolio while focusing on profitable LNG carriers and FLNG projects," he said.