Samsung SDI reports 10.7% profit growth in Q3

Samsung SDI, Samsung’s battery manufacturing affiliate, reported a 10.7 percent increase in net profit for the third quarter over a year earlier, buoyed by growing demand for electronic vehicle (EV) batteries.

The company announced Tuesday a net profit of 240.6 billion won ($214 million) compared to 217.3 billion won in the same period last year.

Operating profit rose 157.6 percent to 163.6 billion won between July and September, while sales advanced 20.7 percent to 3.87 trillion won, the highest increase in third-quarter sales ever.

The company saw sound expansion across business sectors including batteries and electronic materials.

The battery business brought in 2.38 trillion won in sales, up 24.1 percent from a year ago.

Medium- and large-sized rechargeable batteries used for EVs helped boost profits, made possible by booming sales of EVs in Europe.

Small batteries also enjoyed growth thanks primarily to the releases of new smartphone models.

Sales of electronic materials jumped 10.3 percent to 703.7 billion won, driven by healthy sales of polarizing film applied to computer monitors and TVs.

The company reported robust demand for things associated with televisions and computers as people spent more time online during pandemic lockdowns.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]