Seoul: Samsung Biologics Co. announced a modest 2 percent increase in its net profit for the second quarter, attributed to enhanced production output at its latest facilities. The company's net profit for the April to June period rose to 324.4 billion won (US$235.1 million), as disclosed in a regulatory filing.
According to Yonhap News Agency, the company's operating profit experienced a more significant growth of 9.5 percent year-on-year, reaching 475.6 billion won, while sales saw an 11.5 percent increase, totaling 1.28 trillion won. Despite the gains, the net income fell short of market expectations, with analysts forecasting an average net profit of 354.8 billion won, based on a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.
During the first half of the year, Samsung Biologics reported sales amounting to 2.59 trillion won and an operating profit of 962.3 billion won, reflecting improvements compared to the same period last year. The company's second-quarter performance was bolstered by consistent operations at Plants 1 through 3 and accelerated activities at Plant 4.
Samsung Biologics has also secured multiple large-scale contract development and manufacturing organization (CDMO) agreements with global pharmaceutical companies this year, achieving over 60 percent of its full-year order target from 2024. Currently, the company's manufacturing capacity stands at 784,000 liters annually, with plans to expand by adding three more plants at its second bio campus by 2032, which will increase total capacity to 1.324 million liters.