Seoul: Samsung C and T Corp. reported a nearly 2 percent increase in its 2024 net profit, reaching 2.77 trillion won (US$1.9 billion) on a consolidated basis, despite facing challenging business conditions. This represents a 1.9 percent rise from the previous year, as detailed in a regulatory filing by the company. Operating profit for the year was 2.98 trillion won, marking a 3.9 percent increase, while overall sales experienced a modest growth of 0.5 percent, totaling 42.1 trillion won.

According to Yonhap News Agency, Samsung C and T attributed its improved financial performance to its diversified business portfolio, which helped mitigate the impact of a challenging business environment. The construction division noted a slowdown in sales; however, the order backlog reached 27.7 trillion won, bolstered by projects in Qatar, Saudi Arabia, and Guam undertaken in the previous year.

The company’s trading and investment division faced a significant 16.7 percent decrease in operating profit, and the fashion division also saw a 12.4 percent drop in operating profit. In contrast, the resorts and food division demonstrated resilience, achieving a 10.8 percent increase in operating profit and a 9.1 percent rise in sales.

Samsung C and T acknowledged the potential for intensified uncertainties in the business environment this year, which could affect various segments. Nevertheless, the company expressed its commitment to maintaining last year’s revenue levels by capitalizing on its diversified business portfolio.