Samsung SDI profit rises 14.6% as EV car sales increase worldwide
Earlier today, Samsung Electronics unveiled its Q4 2021 earnings. Now, Samsung SDI, the South Korean tech giant’s battery-making arm, has published its quarterly results. The company’s net profit increased by 14.6% compared to Q4 2020, thanks to solid electric vehicle sales across the world.
Samsung SDI’s Q4 2021 sales increased to KRW 3.81 trillion (around $3.16 billion), which is a 17.4% rise compared to Q4 2020. The company’s operating profit was KRW 265.7 billion (around $212 million), which is a 7.9% year-on-year increase. The net profit for the quarter ending December 2021 was KRW 391.6 billion (around $324.8 million).
The company registered solid sales of Energy Storage System (ESS) and battery backup (also known as UPS) segments. It also saw increased sales of materials that are used in OLED display panels and semiconductors. Moving forward, the company expects its revenue and profits to increase as there is robust demand for mid-sized and large-sized batteries.
For the complete year of 2021, Samsung SDI’s net profit was KRW 1.25 trillion (around $1.03 billion), which is twice compared to the figures from 2020. The company is also expecting sales of smartphone batteries to improve in Q1 2022. Samsung SDI is the third-biggest battery firm in the world, and it supplies batteries to Hyundai Group, Rivian, and Stellantis Group.
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