Due to strong EV battery demand, Samsung SDI records huge profits for 2022
Samsung SDI is the division of Samsung that is concerned with manufacturing EV batteries. As per the reports by the company, the SDI division has managed to record huge profits in 2022. An overall contribution of 63.1% has been observed in the net profit of Samsung SDI. These incredible profits are attributed to strong EV battery demand and Energy Storage Systems (ESS).
The information from Yonhap News Agency confirms that the operating profit of Samsung SDI reached KRW 1.8 trillion (approx. $1.46 billion) in 2022. It is a significant increase from KRW 1.06 trillion (approx. $87 million) recorded in 2021. On the other hand, annual sales of KRW 20.12 trillion (approx. $16.37 billion) were recorded. They were 48.5% high than the numbers logged in 2021.
Such a huge contribution is presented by the flagship premium Gen.5 EV battery cell. Additionally, ESS played a major role in increased revenue. It was delivered to larger power grid projects. In contrast to the operating profit of 84.7% from 2021, the Q4 2022 operating profit of Samsung SDI reached KRW 490.8 billion (approx. $399 million).
The energy category comprises ESS products. In this particular sector, the company was able to register KRW 5.34 trillion in sales during the Q4 of 2022. It was an upscaling of 71.9% in contrast to the previous year. It is now anticipated that these profits will further increase in 2023. The forecast predicts that Samsung SDI can reach 39% annual growth to $159 billion. It could be visible since the first quarter of the following year. Since the demand for Gen. 5 is quite high from the automotive clients of the company.
Brian is the news author at Research Snipers which mainly covers Technology News, Microsoft News, Google News, Facebook, Apple, Huawei, Xiaomi, and other tech news.