Samsung C&T posted KRW 41.896T in annual revenue and KRW 2.870T in annual operating profit for FY 2023.

Amid an adverse business environment, the company's continued efforts to boost profitability through a diversified business portfolio and differentiated business competitiveness led to a 13.5% increase in operating profit from the previous year despite a 2.9% drop in revenue.

In 2024, Samsung C&T will enhance the competitiveness of its existing businesses and improve profit structures by preemptively responding to the rapidly changing business environment, and aim to realize tangible results by accelerating its businesses in new and promising fields.

In particular, the company will work to establish a sustainable business portfolio through a virtuous cycle of reinvesting financial resources generated from the steady profits of its core businesses into future growth engines such as eco-friendly energy and bio/healthcare.

Regarding eco-friendly energy, the company will seek to expand its development of solar projects and win more EPC contracts, focusing on North America, Australia, and the Middle East. It will also participate in projects to produce clean hydrogen overseas and import it to Korea as well as carrying out green hydrogen production pilot projects within the country.

In addition, Samsung C&T aims to secure EPC opportunities in nascent markets for small modular reactors, such as Eastern Europe, by securing technological competitiveness related to the growing sector. In the battery recycling field, it will conduct in earnest its sourcing-reprocessing-production business through investments overseas, etc.

As for the bio business, subsidiary Samsung Biologics will seek to maintain its global No. 1 position in Contract Manufacturing Organization (CMO) through expanding CMO production capacity, while Samsung Bioepis will strengthen development of subsequent biosimilar pipelines. Meanwhile, Samsung C&T will seek out new business opportunities in the bio/healthcare fields and expand investment in innovative bio-related technologies through its Life Science Fund.

In February 2023, Samsung C&T announced its three-year shareholder return policy for FY 2023-2025. As this year is the policy's first year of implementation, the company will strive to maintain steady shareholder returns and improve shareholder value by implementing a consistent policy.

This year, within the current dividend policy which allows for a payout of 60-70% of the dividend income from affiliates, the company plans to distribute KRW 2,550 per common share and KRW 2,600 per preferred share, which reflects the highest possible redistribution rate the current policy allows.

It additionally plans to cancel treasury shares - 7,807,563 common shares, a third of those currently held, and all of its preferred shares that are currently held. This is part of Samsung C&T's effort to resolve market uncertainty by cancelling the entirety of its treasury shares in equal installments during the current shareholder return policy period. The market value of stocks to be cancelled at this time stands at over KRW 1T. Meanwhile, the company will continue to strive to enhance shareholder value.

Contact:

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