This photo, filed Oct. 26, 2022, shows Samsung SDI Co.’s headquarters in Giheung, about 40 kilometers south of Seoul.
SEOUL, Jan. 30 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. said Monday it posted record-high profit in 2022, driven by solid demand for electric vehicle (EV) batteries and energy storage systems (ESS).
Operating income reached 1.8 trillion won (US$1.46 billion) last year, up 69.4 percent from the previous year’s 1.06 trillion won, the company said in a regulatory filing.
Annual sales also hit a record high of 20.12 trillion won, a 48.5 percent jump from 13.5 trillion won logged in 2021.
Net profit grew 63.1 percent on-year to 2.04 trillion won in the same period,
Its sales of EV battery cells, primarily its flagship premium Gen.5, helped boost the bottom line, along with increased revenue from ESS due to more supplies to large power grid projects, Samsung SDI said.
In the fourth quarter of last year, operating profit reached 490.8 billion won, up 84.7 percent from a year earlier, with sales rising 56.3 percent on-year to 5.96 trillion won.
Its energy segment, which includes battery and ESS products, booked 5.34 trillion won in sales in the October-December period, up 71.9 percent from the previous year.
Operating income nearly tripled to 359.1 billion won in the fourth quarter over the cited period.
Samsung SDI gave a positive outlook for the EV battery market in 2023, forecasting 39 percent annual growth to $159 billion.
Samsung SDI said it expects continued strong growth in the first quarter of the year, backed by firm demand for Gen.5 from its automotive clients that are set to ramp up the supply of new models.
(Yonhap)
