Samsung SDI Reports 407.8 Billion Won Q3 Operating Profit as Energy Storage Sales Grow

Samsung SDI reported third-quarter operating profit of 407.8 billion won on October 29, returning to profit from a loss a year earlier as energy storage battery sales increased. The South Korean manufacturer posted revenue of 4.69 trillion won, up 52.6% from a year earlier and 20.9% from the preceding quarter. The operating result compared with a 591.3 billion won loss a year earlier and profit of 203.8 billion won in the preceding quarter. It was the company's highest quarterly operating profit since the third quarter of 2023. Samsung SDI attributed the improvement to sales of energy storage systems and battery backup units as the global artificial intelligence data-center market expanded, together with higher cylindrical-battery sales for power tools and electric vehicles. The battery business recorded revenue of 4.41 trillion won and operating profit of 361.9 billion won. Samsung SDI said it had secured more than 60 GWh of U.S. energy storage battery orders this year. It also began mass production of high-capacity prismatic lithium iron phosphate cells at its StarPlus Energy plant in the United States this month. A Samsung SDI official said: "We will continue to pursue mid- to long-term growth based on profitability." The company plans phased capacity expansion at its Synergy Cells plant in Indiana as an energy storage production hub. It also aims to finalize additional long-term supply agreements for utility-scale energy storage and uninterruptible power supply applications before the end of this year.