Samsung C&T's 2024 net edges up despite challenging business conditions

Samsung C&T headquarters building / Newsis

Samsung C&T said Wednesday its 2024 net profit gained nearly 2 percent on-year despite challenging business conditions.

Net income for 2024 was recorded at 2.77 trillion won ($1.9 billion) on a consolidated basis, up 1.9 percent from a year earlier, the company said in a regulatory filing.

Operating profit came to 2.98 trillion won, up 3.9 percent, while sales inched up 0.5 percent to 42.1 trillion won.

Samsung C&T said it managed to improve its bottom line despite the challenging business environment thanks to its diversified business portfolio.

While the construction division reported a slowdown in sales, its total order backlog was tallied at 27.7 trillion won on the back of projects from Qatar, Saudi Arabia and Guam last year.

The trading and investment division also recorded a 16.7 percent fall in operating profit, while the fashion division also experienced a 12.4 percent decline in operating profit.

The resorts and food division succeeded in reporting a 10.8 percent gain in operating profit and 9.1 percent increase in sales.

"Although uncertainties in the business environment are expected to intensify this year, potentially affecting various segments, we will strive to maintain last year's revenue levels by leveraging our diversified business portfolio," the company said. (Yonhap)