News
Samsung SDI profit increased by 14.6%, thanks to solid EV car sales across world
Recently, Samsung Electronics unveiled its Q4 2021 earnings. And now, South Korean battery maker Samsung SDI has announced a 14.6 percent increase in its net profit in the fourth quarter from a year ago, with solid growth in EV battery sales.
The Net income rose to 391.6 billion won (the US $325.6 million) in the October-December period, compared to a profit of 341.8 billion won a year earlier. The operating profit rose 7.9 percent to 265.7 billion won, while sales rose 17.4 percent to 3.81 trillion won.
According to a Korean media report, the operating profit was 28 percent lower than the average estimate. The solid sales in Energy Storage Systems (ESS) and battery backup, also known as Uninterruptible Power Supplies (UPS), have helped improve the bottom line.
For the whole of 2021, the company booked a net profit of 1.25 trillion won, almost double that of last year. The operating income rose 59 percent last year to a record high of 1.06 trillion won, with annual revenues up 20 percent year-on-year to 13.55 trillion won.
Sector-wise, its battery business, which includes mostly EV batteries, recorded 3.1 trillion won hits in the fourth quarter, up 18.2 percent from a year earlier. Its operating income reached 120.2 billion won, an increase of 2.7 percent over the previous year.
It secured 708.7 billion won sales from electronics materials used in semiconductors and OLED display panels, up 13.9 percent from a year earlier, while operating profit rose 12.6 percent to 145.5 billion won.
The company expects the bottom line to improve further this year as demand for medium to large-size batteries is likely to increase. The small battery sector is also expected to perform better in the first quarter as demand for pouch batteries used in smartphones is high.
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Samsung and Lennox are forming a joint venture to sell ductless HVAC systems in the US and Canada. The company is collaborating with Lennox, which is a leading provider of innovative climate solutions in the HVACR industry.
SmartThings AI
The Korean tech giant aims to leverage its leadership in AI, software, smartphones, and semiconductors to provide more smart home services through the easy connection of Samsung SmartThings devices.
With SmartThings Energy, users can monitor overall energy consumption within the home, while SmartThings Energy’s AI Energy mode helps save energy consumption of connected home appliances.
“We are pleased to have entered into a long-term collaboration with Lennox to lead the air conditioning market,” said Choi Kyung-sik, president of Samsung Electronics North America.
The joint venture will distribute Samsung ductless products in United States and Canada as well as “Lennox powered by Samsung”-branded products for Lennox, which will be sold through Lennox stores and direct-to-dealer network.
Samsung believes the joint venture will help it strengthen its position in the North American HVAC market. Samsung will own 50.1% of the joint venture, Samsung Lennox HVAC NA, and Lennox will own 49.9%.
Samsung is seemingly in trouble as a labor union plans to go on strike. The company has been facing concerns with employee dissatisfaction over wage increments. As the wage negotiations apparently failed, workers are in no mood to go back from unannounced protest.
Bloomberg reports that Samsung Elec’s unionized workers are planning to go on strike amid stalled wage negotiations. In the recent past, there were various rounds of talks and negotiations between Samsung’s management and labor union.
However, there is no positive outcome of the discussions held since January 2024. The report also mentions that the management and labor union failed to narrow their differences. If realized, it would mark the first-ever walkout by workers at Samsung Electronics.
“We declare a strike due to the management’s attitude of disregarding the workers,” the labor union said.
Reports say that the unionized labor union has the largest number of employees of Samsung Electronics. If such a huge number of workforce stalls, the company will face issues with manufacturing and production in various businesses.
Samsung partnered with Disney and Pixar for the Bespoke AI Laundry Combo’s promotion. The company has recently released a new campaign video, celebrating the release of “Inside Out 2,” which is scheduled to open in theaters on June 14.
New collaboration playfully shows how Samsung’s latest laundry features help take the stress out of doing laundry. The video screens how Bespoke AI Laundry Combo takes the frustration out of an everyday household chore.
As anticipation builds for “Inside Out 2” before its global release in theaters on June 14, 2024, the campaign video will run on Samsung’s YouTube, Instagram, TikTok, and Facebook channels.
The campaign video provides a whimsical look at the emotional roller coaster people can escape if they choose Samsung’s Bespoke AI Laundry Combo™ featuring functions such as AI EcoBubble.
“Inside Out 2” introduces new Emotions — including Anxiety, Embarrassment, Ennui and Envy — as main character Riley turns 13 and faces her next set of challenges.
“The collaboration with Disney and Pixar’s ‘Inside Out 2’ was refreshing because we were able to come up with new ways of storytelling,” Jinny Jung, Vice President, Samsung Electronics, said.