Post-tax profit of Samsung’s 4 major factories in Vietnam drops 23.6% in Jan-Sept
Four Vietnamese subsidiaries of South Korean giant Samsung Electronics reported combined profits after tax of KRW4,181 billion ($2.98 billion) in the first nine months of this year, down 23.6% year-on-year.
Revenues hit KRW63,821 billion ($45.47 billion) in the period, up 3.3% year-on-year.
Vietnamese workers of Samsung. Photo courtesy of Vietnam News Agency.
According to Samsung Electronics’ report for the nine-month period, Samsung Electronics Vietnam Thai Nguyen (SEVT), headquartered in the eponymous northern province, was the best performer.
Its revenue rose 9.6% to KRW18,411 billion ($18.8 billion), while post-tax profit was down 14.3% to KRW2,010.5 billion ($1.4 billion).
SEVT’s revenue was the third-highest among Samsung's subsidiaries globally, behind the U.S.-based Samsung Electronics America, Inc. and Samsung Semiconductor, Inc.
Samsung Display Vietnam (SDV), located in the northern province of Bac Ninh, posted post-tax profit of KRW632.7 billion ($449.8 million) on revenue of KRW15,048.7 billion ($10.7 billion), down 41.7% and 11% year-on-year, respectively.
Samsung Electronics Vietnam (SEV), also based in Bac Ninh province, earned revenue of KRW17,049.5 billion ($12.1 billion) and post-tax profit of KRW1,307 billion ($929.2 million), up 6.23% and 19.4% year-on-year, respectively.
Samsung Electronics HCMC CE Complex (SEHC), located in Ho Chi Minh City, saw its revenue climb 12.09% year-on-year to KRW5,311.6 billion ($3.78 billion), but its post-tax profit nearly halved to KRW230.8 billion ($164.1 million).
Globally, Samsung Electronics earned total revenue of $160 billion, an increase of 17.7% year-on-year, while post-tax profit nearly tripled to $18.9 billion. The four Vietnamese plants accounted for 28% of Samsung's global revenues.
Samsung entered Vietnam in 2008 with a mobile phone factory in the northern province of Bac Ninh and has been expanding its operations in Thai Nguyen, Hanoi and Ho Chi Minh City ever since.
The latest investment of Samsung in Vietnam was SDV vowing to pour $1.8 billion into OLED product manufacturing.
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