PR CENTER > Samsung SDI Announces Second Quarter 2023 Results

Samsung SDI Announces Second Quarter 2023 Results

  • Company announces Q2 revenue of KRW 5.84 trillion, operating profit at KRW 450.2 billion
  • Highest Q2 revenue and profit with quarterly revenue surpassing KRW 5 trillion for the fourth straight quarter
  • Energy Business posts 29.4% and 58.5% year-on-year revenue and profit respectively
  • Company anticipates revenue and profit to go up across all business units in the second half

SEOUL, Korea – July 27, 2023 – Samsung SDI today reported financial results for the second quarter that ended June 30, 2023.

The company announced that it posted KRW 5.84 trillion in revenue and KRW 450.2 billion in the operating profit in the second quarter of 2023 fiscal year. 

Overview of the Second Quarter 2023 Earnings Results

It is a record second-quarter results for both the revenue and profit from Samsung SDI, as its quarterly revenue continues to surpass KRW 5 trillion for four quarters in a row. Compared to the year-ago period, the revenue grew by KRW 1.998 trillion (23.2%) and the operating profit rose by KRW 21.2 billion (4.9%), while the sequential increases were KRW 485.8 billion (9.1%) in revenue and KRW 74.8 billion (19.9%) in profit. The operating margin was reported at 7.7%. 

The Second Quarter Earnings Results by Business

The Energy Business recorded KRW 5.27 trillion in revenue which rose both yearly and quarterly, by KRW 1.985 trillion (29.4%) and KRW 472.3 billion (9.8%) in the given order. The operating profit stood at KRW 388.1 billion, a considerable increase by KRW 143.2 billion (58.5%) year-over-year and KRW 71.7 billion (22.7%) quarter-over quarter, with the operating margin of 7.4%. 

The Automotive & ESS Battery Business saw an increase in both the revenue and profit thanks to the robust sales of customer’s premium vehicles geared with P5 batteries. After passing the low season, ESS sales also expanded mainly in utility and UPS solutions.

The Small Battery Business closed out the second quarter with solid results, thanks to the expanded sales of high-power cylindrical batteries. Pouch batteries, however, recorded a decreased revenue due to sluggish IT demand.

The Electronic Materials Business generated a decreased revenue of KRW 570.5 billion by KRW 98.7 billion (14.7%) from the corresponding period last year yet up by KRW 13.5 billion (2.4%) from the prior quarter. The operating profit was KRW 62.1 billion, a 66% decline by KRW 122 billion on a year-to-year basis, and a 5.3% increase by KRW 3.1 billion on a linked quarter basis. The posted operating margin was 10.9%. 

While the revenue for semiconductor process materials declined as the market demand remained muted during the quarter, the Electronic Material Business exited the second quarter with inched-up overall results propelled by increased polarizer film sales, as the demand recovered. 

Business Outlook for the Second Half 2023

Amid the lingering business uncertainties induced by worldwide economic slowdown, the battery market is still forecast to grow mainly on electric cars and energy storage systems. Samsung SDI expects to take this momentum and see further growth in both its revenue and profit across all business units in the coming half. 

Going into the second half, the Automotive & ESS Battery Business seeks to actively engage to meet the demand for automotive batteries. P5 sales is likely to take up over 50% of the company’s total prismatic battery sales portion for electromotive vehicles and propel the earnings growth down the line. With the ESS batteries, the large-sized battery unit is set to roll out a new product that will bring the sales expansion centered on utility solutions.

The Small Battery Business anticipates the revenue and profit to rise, driven by the sales expanding in EV and micro-mobility sectors. Despite the power-tool market’s dull recovery, the small-sized battery division plans to move up the sales by promoting sales for new applications.

The Electronic Materials Business is looking to see both the revenue and profit fare better than the first half with the sales increasing on display materials such as polarizer film and OLED materials. For the semiconductor process materials, as the contracted demand is slated to recover gradually, the business unit intends to leverage such market flow and expand the sales with new product releases.

Drive for Future Growth Engines

Samsung SDI’s commitment to build its future growth engines has been underway, which will help it preoccupy the markets for next-generation batteries. 

Samsung SDI recently signed an MOU with Stellantis to build a second plant for their joint venture StarPlus Energy. This means that the company’s planned annual capacity in the U.S. will total about 100 gigawatt-hours by 2027, combining StarPlus Energy’s two plants with the prospective capacity for the joint venture with GM formed in April.

In tandem, not only the company completed the pilot line setup and produced R&D demo samples for their solid-state battery project, while it also commenced 46-phi battery sample production.

Leveraging its solid mid-to-long term strategy, Samsung SDI will continue to seek new project acquisitions and make investments in keeping with the market’s growth.

ESG Management Activities

Samsung SDI had a fruitful quarter in carrying out the ESG targets; the company finished the calculation of the scope 3 emissions that encompass indirect emissions from its entire value chain and became the first lithium battery player to receive carbon footprint label by Carbon Trust, a U.K.-based carbon certification agency. 

In June, Samsung SDI released the Sustainability Report 2023, its twentieth sustainability reporting, detailing such feats along with other ESG performances and achievements made in 2022.

“In spite of continued global economy slowdown, our efforts produced stellar results of posting a record-high second-quarter revenue and surpassing KRW 5 trillion in quarterly revenue for four consecutive quarters,” said President and CEO Yoon-ho Choi and added, “Samsung SDI will continue to secure ‘super-gap’ technological competitiveness such as solid-state batteries and 46-phi cylindrical batteries, in order to drive our continued growth. We will anchor on ESG management as our future business edge to rise as a global leader in the market.”

About Samsung SDI

Samsung SDI, headquartered in the Republic of Korea, is a world-leading battery and electronic
material manufacturer redefining the worlds of electric vehicles, energy storage systems and IT
devices. The company drives transformation and innovation to emerge as a ‘Creative Energy and
Materials Solution Leader’ across the fields of e-mobility, energy solutions, as well as semiconductors
and displays. The company commits to sourcing 100% renewable electricity across its entire global
operations by 2050. For the latest news, please visit the Samsung SDI News at

Latest News


Samsung SDI Announces Third Quarter 2023 Results