Samsung SDI sees 56.1% profit increment in Q3 2022 

Samsung SDI has recently announced the financial results for the Q3 of 2022, which reveals that the company has witnessed a 56.1% profit increment in these months. Samsung says that it has achieved this record-high profit due to the increased sales of secondary batteries.

According to the information, Samsung SDI sales by the end of September 2022 were around KRW 5.37 trillion (~ $3.79 billion). It is a high-profit increment of 56.1% compared to the third quarter of last year.

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The Korean company’s regulatory filing further reveals that its net profit for Samsung SDI Q3 2022 was KRW 638.3 billion (~ $451.5 million), which is a 51.8% growth from Q3 2021. Meanwhile, the operating profit during these months was KRW 565.9 billion (~ $400.3 million), an increment of 51.5%.

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A growth of more than 50% is much higher than what the analysts had expected earlier. This is because of the company’s lucrative battery business, which sees a 76.4% rise or KRW 4.83 trillion in sales this quarter compared to 2021.

Furthermore, Samsung SDI expects to continue its growth into the fourth quarter of this year. The company is forecasting sales growth from the launch of new vehicle models with the P5 (Gen.5) as well as seasonal demand growth.

Samsung SDI says the sales of the ESS business are expected to be higher with the expansion of utility sales in the US.