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Samsung and other Korean giants stumble as global economy slows
Due to sluggish chip and energy sectors amid a global economic slowdown, South Korea’s major companies performed far worse than their US counterparts in the first half of 2023.
According to FKI report, South Korea’s top 100 nonfinancial firms listed on the main local bourse saw their combined sales edge up 0.3 percent on-year to $746.3 billion in the January-June period.
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Samsung saw its sales, operating profit, and net profit dip 21.5%, 95.4% and 86.9% on-year, respectively. Comparable figures of its US counterpart, Apple, dropped 4.2%, 10% and 9.2%.
The FKI stressed the need for South Korean big businesses to establish stable profit sources as they remain more vulnerable to external shocks than big U.S. companies.
The combined operating profit of the Korean companies tumbled 63.4 percent on-year to $24.8 billion won in the six-month period, while that of the U.S. corporations shrank 3.9 percent to $638.5 billion.
