{"id":9033,"date":"2024-04-30T07:18:18","date_gmt":"2024-04-30T07:18:18","guid":{"rendered":"https:\/\/staging.samsungsdieurope.com\/?p=9033"},"modified":"2024-10-25T07:18:45","modified_gmt":"2024-10-25T07:18:45","slug":"samsung-sdi-announces-first-quarter-2024-earnings-results","status":"publish","type":"post","link":"https:\/\/staging.samsungsdieurope.com\/samsung-sdi-announces-first-quarter-2024-earnings-results\/","title":{"rendered":"Samsung SDI Announces First Quarter 2024 Earnings Results"},"content":{"rendered":"\n

[Q1] Company posts KRW 5.13 trillion in revenue, KRW 267.4 billion in operating profit<\/strong><\/p>\n\n\n\n

[Q2] Gradual improvements in performance expected through efforts for expanding sales of premium P6 and Samsung Battery Box products<\/strong><\/strong><\/p>\n\n\n\n

Samsung SDI CEO Yoon-ho Choi remarks, “By making hard efforts for a new level of change and innovation, the company will bring forward realizing its goal of being a global top-tier company by 2030”<\/strong><\/p>\n\n\n\n

SEOUL, Korea \u2013 April 30, 2024 \u2013<\/strong> Samsung SDI today reported financial results for the first quarter that ended March 31, 2024.<\/p>\n\n\n\n

The company announced that it posted KRW 5.13 trillion in revenue in the first quarter of 2024, down 4 percent from a year earlier, and KRW 267.4 billion in operating profit, a 29-percent decrease during the same period.<\/p>\n\n\n\n

The revenue and operating profit fell 8 percent and 14 percent, respectively, from the previous quarter.<\/p>\n\n\n\n

First Quarter Earnings Results by Business<\/u><\/strong><\/p>\n\n\n\n

The energy business recorded KRW 4.58 trillion in revenue, falling 5 percent from the same period last year and 8 percent from a quarter earlier. The unit\u2019s operating profit stood at KRW 214.5 billion, down 32 percent on-year and 5 percent on-quarter. Its operating margin was 4.7 percent.<\/p>\n\n\n\n

Despite sluggish demand for applications, the Automotive & ESS Battery Business achieved solid profitability.<\/p>\n\n\n\n

The Automotive Battery unit saw growth in both revenue and operating profit year-over-year, owing to steady sales of P5 batteries for premium electric vehicles and the launch of P6 batteries for the North American market, as well as acquisition of the Advanced Manufacturing Production Credit. Due to seasonality, the ESS unit\u2019s revenue and operating profit both declined in the first quarter.<\/p>\n\n\n\n

The Small Battery Business\u2019s revenue slid overall, but profitability improved pivoting on pouch batteries.<\/p>\n\n\n\n

The revenue generated from the sales of cylindrical batteries dipped due to inventories of major customers in the micro-mobility sector. Meanwhile, the revenue and profitability from power tool batteries sales based on long-term supply agreements remained at the previous quarter level. Pouch batteries whose sales grew on high sales of new flagship smartphone models of a major customer drove the unit\u2019s overall performance.<\/p>\n\n\n\n

The Electronic Materials Business posted KRW 549.1 billion won in revenue, down 1 percent from a year earlier and 3 percent from a quarter earlier. Its operating profit stood at KRW 52.9 billion, decreasing 10 percent on-year and 38 percent on-quarter. The unit\u2019s operating margin was 9.6 percent.<\/p>\n\n\n\n

The revenue and profitability from the sales of polarizer film rose with the increased sales of display panels larger than 75 inches. The revenue and operating profit from the sales of semiconductor materials declined from the previous quarter due to customers\u2019 inventories adjustments. <\/p>\n\n\n\n

Business Outlook for the Second Quarter 2024<\/u><\/strong><\/p>\n\n\n\n

It is forecast that the Automotive & ESS Battery Business\u2019 performance would improve gradually in the course of time. The Automotive Battery unit is projected to maintain its solid profitability through expansion of P6 sales, while the ESS unit is expected to achieve growth both in revenue and operating profit as the company plans to expand sales of Samsung Battery Box and batteries for uninterrupted power supply systems.<\/p>\n\n\n\n

The Small Battery Business plans to explore new demand in pursuit of profitability. With cylindrical cells, the company will continue to raise profitability and secure stable volumes based on long-term supply agreements. The company will also make attempts to early enter the American outdoor power equipment market as well as the electric two-wheeler markets in India and Southeast Asia. Acquisition of new customers for 46-phi batteries and preparations for mass production will continue throughout the second quarter. First-in supplies of pouch cells for upcoming IT products in the second half of the year will be sought for.<\/p>\n\n\n\n

A revenue growth is anticipated for the Electronic Materials Business as market demand is forecast to recover in the second quarter. Polarizer film sales is predicted to rise in accordance with the growing TV market in the third quarter. Sales of semiconductor materials is also expected to increase in line with the rebounding memory chip market. However, weak seasonality is likely to influence the OLED materials unit in the next quarter.<\/p>\n\n\n\n

\u201cSamsung SDI is progressing substantially in its journey for ‘Super Gap’ technological competitiveness and a profitable qualitative growth despite high uncertainties in the current business environment,\u201d said Yoon-ho Choi, President and CEO of Samsung SDI. \u201cBy making hard efforts for a new level of change and innovation, the company will bring forward realizing its goal of being a global top-tier company by 2030.\u201d<\/p>\n\n\n\n

ESG Management Activities<\/u><\/strong><\/p>\n\n\n\n

Since its declaration of environment-friendly management, Samsung SDI has been carrying out the eight strategic tasks, including use of renewable energy, battery recycling and reducing industrial water consumption.<\/p>\n\n\n\n

The company is preparing for establishment of its internal system in response to introduction of mandatory reporting of corporate sustainability under the European Sustainability Reporting Standards and International Financial Reporting Standards.<\/p>\n\n\n\n

Furthermore, Samsung SDI is striving to increase sustainability within its supply chains. The company is collaborating with Responsible Business Alliance, a non-profit coalition of companies committed to supporting the rights and well-being of workers and communities worldwide affected by global supply chains, to help its partners in Europe, China and North America to fulfill their ESG initiatives. When necessary, the company visits the partners to provide training and education on ESG management.<\/p>\n","protected":false},"excerpt":{"rendered":"

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