2021 Operating Profit Estimated at KRW1.2tr
Samsung SDI’s electric vehicle battery business posted its first annual profit in 12 years.
The company’s operating profit in 2021 was expected to stand at 1.2 trillion won, with about 60 percent coming from the battery business.
The company joined the club of 1 trillion won in operating profit. Its annual sales are also likely to hit 13.70 trillion won, the highest since its foundation. Until the third quarter, its cumulative operating profit and sales amounted to 801.8 billion won and 9.74 trillion won, respectively.
The electric vehicle battery business requires large investment prior to the growth of the market. Samsung SDI has been investing in the future market at the risk of suffering losses for over 10 years. A turnaround was made in 2021. Analysts say that the battery business has entered the tipping point, like the semiconductor and display industries that turned a profit after incurring losses for decades.