Samsung SDI reports a solid fourth quarter

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Samsung SDI reports a solid fourth quarter

Samsung SDI, the world’s leading developer of lithium-ion batteries, reported improved quarter-on-quarter performance from October through December.

Although its chemical business was sluggish due to a decline in the price of naphtha, the company’s battery and electronic materials businesses have improved.

The company plans to expand investment in the robust battery and electronics materials business and review constructing more plants.

Samsung SDI, which merged with Cheil Industries in July, reported 1.91 trillion won ($1.8 billion) in revenue in the last quarter and 37.2 billion won in operating profit.

Revenue rose 1 percent from 18.3 billion won in the third quarter, while operating profit jumped 14.5 percent from 4.6 billion won.

The battery business in the fourth quarter posted revenue of 859.2 billion won, up 8.2 percent from the previous quarter, while the chemical business brought in 645 billion won, down 8.4 percent, and the electronics materials business posted 404.8 billion won, up 3.1 percent.

For the battery business, revenue was boosted by the launch of new products and expansion of production volume.

Demand for energy storage systems and batteries for automobiles is expected to increase this year, as more hybrid cars and electric vehicles are forecast to increase their market share.

The company, which invested 480 billion won last year, also plans to increase investment by an unspecified amount this year.

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