According to Samsung Engineering (Samsung ENG) on Oct. 31, it recorded 1.6 trillion won in sales, 99.8 billion won in operating profit, and 70.9 billion won in net profit based on connection in the third quarter of 2019. Compared to last year's same period, sales, operating profit and net profit increased by 25.2%, 18.1%, and 28.2%, respectively.
It is expected to surpass its yearly operating profit estimate of 300 billion won as it recorded 4.6 trillion won (up 19.1%) in sales, 318.8 billion won (up 113%) in operating profit, and 248.4 billion won (up 193%) in net profit on a cumulative basis for the third quarters.
"As projects that were selected based on profitability were reflected in sales, performance in the chemical engineering sector showed signs of recovery, and the gains and losses structure in the industrial environment sector also improved as the company continued its stable profit structure," a Samsung ENG official said.
Samsung ENG plans to focus its capabilities on fostering project management, while continuing the trend of improved performance by winning high-quality overseas orders.
It has participated in the bidding for chemical engineering plants, which is a major product in strategic markets such as MENA (Middle East & North Africa), and Southeast Asia, and is expected to produce tangible results within this year.
"We are going to strengthen our inner workings through thorough management of projects that are centered on profitability from orders to completion," the official said. "We will continue our qualitative growth by making efforts to differentiate the performance of projects based on technological competitiveness."