Samsung SDI nets $1.6 billion income in 2023 despite Q4 slip

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Samsung SDI nets $1.6 billion income in 2023 despite Q4 slip

Published: 30 Jan. 2024, 10:44

KIM JU-YEON
[email protected]

Samsung SDI logo [SAMSUNG SDI]

Battery maker Samsung SDI on Tuesday reported a net income of 2.06 trillion won ($1.6 billion) in 2023, up 1.3 percent from a year earlier.

Operating income for the year was 1.63 trillion won, down 9.7 percent on-year, the company said in a regulatory filing. Annual sales rose 12.8 percent to 22.7 trillion won.

Also on Tuesday, Samsung SDI reported a fourth-quarter net income of 493.3 billion won, down 21.6 percent from a year earlier.

Operating profit for the October-December period fell 36.5 percent on-year to 311.8 billion won, the company said in the filing. Sales decreased 6.7 percent to 5.56 trillion won.

Samsung SDI's 2023 earnings beat market expectations. The average estimate of the company's fourth-quarter net profit by analysts stood at 383.3 billion won, according to a survey by financial data firm Yonhap Infomax.

BY KIM JU-YEON, YONHAP [[email protected]]