Samsung Heavy Industries Q3 Operating Profit Rises 42.1 per Cent on Higher-priced Vessel Contracts

South Korea’s Samsung Heavy Industries reported preliminary operating profit for the third quarter of KRW338.4 billion ($253.3 million) on October 29, up 42.1 per cent from the same period last year.

Revenue rose 19.6 per cent year on year to KRW3.1504 trillion, giving an operating margin of 10.7 per cent. Net profit increased 235.6 per cent to KRW470.8 billion.

Revenue fell 2.5 per cent from the second quarter because summer vacations and the Chuseok holiday reduced working days. Operating profit still rose 4.1 per cent quarter on quarter, as construction of higher-priced contracts, including liquefied natural gas (LNG) carriers, contributed to recognised revenue.

The company posted operating profit of KRW238.1 billion in the third quarter in 2025.

Nine-month revenue reached KRW9.3 trillion. Samsung Heavy said it expects to comfortably achieve its full-year revenue guidance of KRW12.8 trillion.

The shipbuilder has secured $12.4 billion in orders for 48 vessels and offshore units so far in 2026. These include 20 LNG carriers and two floating LNG (FLNG) production units, and the total represents 89 per cent of its $13.9 billion annual target.

The company is pursuing the second Delfin FLNG unit in the US and the Western FLNG project in Canada before year-end.

Among its domestic rivals, HD Korea Shipbuilding and Offshore Engineering reported a 37.3 per cent rise, with operating profit for the third quarter reaching KRW1.4472 trillion. Hanwha Ocean recorded operating profit of KRW485.7 billion, up 67.6 per cent.