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SEOUL, Oct. 22 (Yonhap) -- Samsung E&A Co., the engineering and construction arm of Samsung Group, said Thursday its third-quarter net profit rose 37.7 percent from a year earlier, driven by revenue growth from large-scale projects and improved profitability.
Net profit for the three months ended in September reached 216.7 billion won (US$163.2 million), up from 157.4 billion won a year earlier, the company said in a press release.
"Revenue from large-scale petrochemical and advanced manufacturing projects began to be reflected in the third quarter. Cost management, and the adoption of artificial intelligence (AI) and robotics technologies helped enhance productivity and profitability," a company spokesperson said.
Operating profit more than doubled to 500.6 billion won in the third quarter from 176.55 billion won a year earlier. Sales rose 45.8 percent to 2.91 trillion won from 1.99 trillion won.
For the January-September period, net profit rose 23 percent to 562.48 billion won from 456.3 billion won a year earlier.
Operating profit jumped 86.9 percent to 961.9 billion won in the first nine months from 514.7 billion won a year earlier, while sales rose 24 percent to 7.79 trillion won from 6.27 trillion won.
Samsung E&A, which is actively engaged in energy solutions and industrial plant building, secured new orders worth 9.4 trillion won in the third quarter, bringing its total order backlog to 27.2 trillion won.
The company had previously targeted an annual operating profit of 800 billion won and new orders worth 12 trillion won.
On Thursday, it raised its annual targets to 1.4 trillion won in operating profit and 19 trillion won in new orders, having already achieved its previous targets.
Meanwhile, the company plans to buy back shares worth 780 billion won from Friday through Jan. 22, 2027, and cancel shares worth 690 billion won as part of efforts to enhance shareholder value.
This file photo, provided by Samsung E&A Co., shows its headquarters in eastern Seoul. (PHOTO NOT FOR SALE) (Yonhap)
kyongae.choi@yna.co.kr
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