Samsung Heavy Industries’ Net Income Jumps 235.6% to 470.8 Billion Won in Third Quarter
Key Facts
Samsung Heavy Industries reported net income of 470.8 billion won in the third quarter of 2026, up 235.6% year on year and 111.3% from the previous quarter, according to preliminary results reported by CBC Globe. The figures showed profit growth accelerating across both periods, with operating profit rising to 338.4 billion won, up 42.1% year on year and 4.1% quarter on quarter. Revenue, meanwhile, was 3.1504 trillion won, up 19.6% from the same period last year. But it fell 2.5% from the previous quarter, showing revenue moving differently from accelerating profit. The results were prepared on a consolidated basis under K-IFRS before the external auditor’s review was completed.
The quarterly comparison shows that the improvement was not limited to net income: operating profit rose 4.1% from the previous quarter, while net income increased 111.3%. Revenue moved in the opposite direction, falling 2.5% over the same period despite annual growth. Revenue was 3.1504 trillion won, the figure that measures the scale of activity during the quarter, while operating profit reached 338.4 billion won. Year on year, revenue rose 19.6% and operating profit 42.1%, putting operating profit growth above revenue growth in this comparison. The reported results did not provide a specific explanation for the divergence between the quarterly and annual trends.
Profit from continuing operations before corporate tax was 610.7 billion won in the third quarter, up 332.5% year on year and 103.6% from the previous quarter, according to CBC Globe. This puts the pre-tax profit measure above net income and operating profit, with strong growth in both the annual and quarterly comparisons. This item differs from net income, which was 470.8 billion won, and operating profit of 338.4 billion won. The company reports these measures for the same period, allowing different stages of financial performance to be assessed rather than treating them as a single figure. The figures remain preliminary pending completion of the external audit.
For the first nine months of 2026, cumulative revenue was 9.2834 trillion won, up 18.8% from the same period a year earlier, according to figures reported by CBC Globe. Cumulative operating profit rose 65.5% year on year to 936.5 billion won. The January-to-September results provide broader context than a single quarter, with both revenue and operating profit recording annual growth over the period. Cumulative operating profit growth outpaced cumulative revenue growth, based on the published rates. The results remain tied to preliminary consolidated figures prepared under K-IFRS.
In a sector comparison, EL7 reported on October 27 that Hanwha Ocean posted operating profit of 485.7 billion won in the third quarter. That figure is higher than the 338.4 billion won in operating profit reported by Samsung Heavy Industries, but it compares operating profit at both companies, not Samsung’s net income of 470.8 billion won. The comparison helps place the two companies’ results within the Korean shipbuilding earnings season while keeping the financial measures separate. Hanwha Ocean’s figure is also operating profit, not net income. The reported information did not include a like-for-like comparison of revenue or net income between the companies.
Samsung Heavy Industries said it would strengthen qualitative growth by focusing on high-value-added products in which it has competitive technological capabilities, including liquefied natural gas carriers and FLNG facilities. CHOSUNBIZ quoted the company as saying: "We will further strengthen our qualitative growth base by focusing on high-value-added products in which we have unmatched technological competitiveness, such as liquefied natural gas carriers and FLNG facilities." The strategy identifies the product areas the company said it would focus on in the coming period. The emphasis comes alongside growth in revenue and operating profit in the first nine months, as well as the divergence between revenue and profit in the third quarter. The company prepared the quarterly results on a consolidated basis under K-IFRS before the external auditor’s review was completed; some details may change during the audit.