Samsung SDI beats expectations with 638.3 billion won in net profit in Q3

Home > Business > Industry

Samsung SDI beats expectations with 638.3 billion won in net profit in Q3

Published: 26 Oct. 2022, 10:15

Samsung SDI's electric car batteries [SAMSUNG SDI]

Samsung SDI, a battery maker, posted an expectation-beating net profit of 638.3 billion won ($446.7 million) for the third quarter, up 52 percent on year.

The figure was higher than the market consensus of 529.5 billion won compiled by FnGuide.

Sales jumped 56 percent to 5.37 trillion won for the July-September period, beating analysts' forecast of 5.33 trillion won.

Operating profit was 565.9 billion won, a 52 percent increase year-on-year. The figure also beat the consensus of 492.7 billion won.

Both sales and operating profit are record quarterly figures.

The strong performance was driven by the rapid growth of the global electric vehicle market.

BY SHIN HA-NEE [[email protected]]