On the 30th, Samsung SDI, despite facing challenging market conditions, announced that it posted KRW 5.13 trillion in revenue in the first quarter of 2024, down 4 percent from a year earlier, and KRW 267.4 billion in operating profit, a 29-percent decrease during the same period.
The revenue and operating profit fell 8 percent and 14 percent, respectively, from the previous quarter.
The energy business recorded KRW 4.58 trillion in revenue, falling 5 percent from the same period last year and 8 percent from a quarter earlier. The unit's operating profit stood at KRW 214.5 billion, down 32 percent on-year and 5 percent on-quarter. Its operating margin was 4.7 percent.
Despite sluggish application demand, the Automotive & ESS Battery Business achieved solid profitability.
The Automotive Battery unit saw growth in revenue and operating profit year-over-year, owing to steady sales of P5 batteries for premium electric vehicles, the launch of P6 batteries for the North American market, and the acquisition of the Advanced Manufacturing Production Credit. Due to seasonality, the ESS unit's revenue and operating profit declined in the first quarter.
The Small Battery Business's revenue slid, but profitability improved by pivoting to pouch batteries.
Revenue generated from cylindrical battery sales dipped due to inventories of major customers in the micro-mobility sector. Meanwhile, revenue and profitability from power tool battery sales based on long-term supply agreements remained at the previous quarter's level.
Pouch batteries, whose sales grew on the high sales of a major customer's new flagship smartphone models, drove the unit's overall performance.
The Electronic Materials Business posted KRW 549.1 billion in revenue, down 1 percent from a year and 3 percent from a quarter earlier. Its operating profit stood at KRW 52.9 billion, decreasing 10 percent on-year and 38 percent on-quarter. The unit's operating margin was 9.6 percent.
The revenue and profitability from the sales of polarizer film rose with the increased sales of display panels larger than 75 inches. The income and operating profit from the sales of semiconductor materials declined from the previous quarter due to customers' inventory adjustments.
Yoon-ho Choi, President and CEO of Samsung SDI, emphasized the company's commitment to 'Super Gap' technological competitiveness and profitable qualitative growth. He stated, "By making hard efforts for a new level of change and innovation, the company will bring forward realizing its goal of being a global top-tier company by 2030."
The link to the Korean version of this article is as below.
▷삼성SDI, 1분기 매출 5.1조·영업이익 2674억...최윤호 사장, "차원이 다른 변화·혁신 지속"
By_BK Min, KDFN
kdf@kdfnews.com
Source_ⓒSamsung SDI
