Companies in Korea upped investments in R&D despite lower earnings last year

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Companies in Korea upped investments in R&D despite lower earnings last year

Published: 09 Apr. 2024, 18:36

JIN MIN-JI
jin.minji@joongang.co.kr

Samsung Electronics' headquarters in Seocho, southern Seoul. [YONHAP]

Big companies in Korea increased their investments in research and development (R&D) activities last year despite decreased earnings, a corporate data tracker said Tuesday.

Their combined R&D investments rose 9.4 percent to 73.42 trillion won ($54 billion) in 2023 from 67.14 trillion won a year earlier, according to a recent survey of 224 firms by the data tracker CEO Score.

They suffered declines in sales and operating profit due to an economic slowdown, but they executed their planned R&D spending for future growth, the survey showed.

Samsung Electronics topped others in terms of the value of R&D investments. It spent 28.35 trillion won last year, up 14 percent from a year ago.

The country's top 10 conglomerates, including LG Electronics, SK hynix, Hyundai Motor, LG Chem, Hyundai Mobis and Kakao were among the 224 companies. They accounted for more than 70 percent of the overall R&D investments by the surveyed firms, CEO Score said.

Yonhap