Samsung SDI reported a significant decline in its Q2 2024 results due to the slowdown in demand for electric vehicles.
On the 30th, Samsung SDI announced via a public disclosure that its consolidated operating profit for Q2 was 280.2 billion KRW, down 37.8% compared to the same period last year.
Q2 revenue was 4.4501 trillion KRW, a decrease of 23.8% year-on-year, while net profit fell by 38% to 301.2 billion KRW.
Compared to the previous quarter, operating profit increased by 4.8%, but revenue decreased by 13.3%.
By business segment, battery sales fell 27% to 3.8729 trillion KRW, and operating profit decreased by 46% to 208 billion KRW.
Specifically, automotive batteries saw a decline in performance due to a slowdown in demand, while energy storage system (ESS) batteries saw increases in both sales and operating profit, driven by growing data center demand.
Among small batteries, cylindrical batteries experienced a decline in sales due to customer inventory adjustments, but operating profit increased due to one-time compensation.
The electronic materials segment recorded sales of 577.2 billion KRW and an operating profit of 72.2 billion KRW, up 1% and 16% year-on-year, respectively.
Increased sales of polarizing films and semiconductor materials were noted, and OLED materials minimized sales declines thanks to new IT products.
Samsung SDI is accelerating the development of solid-state batteries and lithium iron phosphate (LFP) batteries, with plans to mass-produce 46-pi cylindrical batteries in early 2025.
The company is also securing future growth drivers, as evidenced by its recent order for a large-scale ESS project in the United States.
CEO Choi Yoon-ho stated, “Challenges are expected in the second half of the year, but we will leverage our differentiated competitiveness to seize new opportunities,” expressing the company’s commitment to preparing for market recovery.
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