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With strong Electric Vehicle Battery Sales, Samsung SDI’s second quarter revenue hits record high

South Korean battery maker Samsung SDI (Samsung SDI) said on July 29 that its second-quarter revenue and operating profit both hit record highs, thanks to strong sales of electric vehicle batteries. Specifically, in the second quarter of this year, Samsung SDI’s revenue was 4.74 trillion won, up 42.2 percent from the same period last year, and operating profit was 429 billion won ($330.4 million), up 45.3 percent from the same period last year, and higher than the average expectation level of Yonhap Infomax, a financial data company under Yonhap News Agency.

The company’s net profit also rose 42% year on year to 409.2 billion won.

In terms of business segments, the company’s Energy and Others segment reported revenue of 4.07 trillion won, up 50.1% year-on-year, and operating profit rose 45.2% to 244.9 billion won. This systems segment includes batteries and energy storage systems (ESS).

Another business segment is the electronics materials segment, whose products include semiconductors and display components. The segment’s revenue rose 7.5 percent year on year to 669.2 billion won in the second quarter of this year, and operating profit rose 45.5 percent to 184.1 billion won.

The company said in a statement that “market demand was strong, with higher value-added products, including Gen.5, driving the growth in sales of automotive batteries. In addition, sales of ESS batteries also increased due to the growth in demand for energy storage.”

Samsung SDI predicted stable demand for medium and large batteries for electric vehicles as well as ESS under the influence of high oil prices and the global green energy boom, as well as steady growth in the second half of the year.

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Threza Gabriel
Threza Gabrielhttps://www.techgoing.com
TechGoing is a global tech media to brings you the latest technology stories, including smartphones, electric vehicles, smart home devices, gaming, wearable gadgets, and all tech trending.
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