Seoul: Samsung SDS Co., an IT service unit of Samsung Group, on Thursday reported its fourth-quarter net profit of 196.3 billion won (US$136.5 million), marking a 34.4 percent increase from a year earlier. According to Yonhap News Agency, the company revealed in a regulatory filing that its operating profit for the October-December period saw a slight decline of 1.4 percent year-on-year, standing at 211.5 billion won. Meanwhile, revenue for the quarter rose by 7.9 percent to reach 3.64 trillion won.
The financial results surpassed market expectations, with the average net profit estimate by analysts pegged at 91.1 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. For the entire year of 2024, Samsung SDS achieved a net profit of 789.5 billion won, reflecting a 12.6 percent increase compared to the previous year.
The company's annual operating profit climbed by 12.7 percent to 911.1 billion won, while yearly sales experienced a 4.2 percent rise, amounting to 13.8 trillion won. Samsung SDS's information technology service sector generated 6.4 trillion won in sales last year, representing a 4.8 percent increase on a yearly basis.
Moreover, the cloud business of Samsung SDS recorded a yearly revenue of 2.3 trillion won, which is an impressive 23.5 percent growth. The logistics business also contributed to the company's positive performance, with sales climbing by 3.6 percent year-on-year to 7.4 trillion won in 2024.
In an announcement on Thursday, Samsung SDS declared its decision to distribute cash dividends worth 2,900 won per share to its shareholders, further enhancing investor returns.