Samsung SDI, one of the world's largest EV battery suppliers, delivered very strong fourth-quarter results, increasing revenues, profits and net margin to over 10%!
The company's energy business continues to expand and takes a bigger share out of the overall results:
- Revenue: 3,251 billion KRW, ≈$2.91 billion (up 15.3% year-over-year)
- Revenue (Li-ion Battery - xEV and non-automotive):
2,629 billion KRW, ≈$2.35 billion (up 18.9% year-over-year)
81% of total revenue
- Net Profit: 342 billion KRW, ≈$310 million
10.5% of net margin
- Revenue: 11,295 billion KRW, ≈$10.11 billion (up 11.9% year-over-year)
- Net Profit: 631 billion KRW, ≈$560 million (up 56.8% year-over-year)
5.6% of net margin
Samsung SDI notes significant growth of EV battery sales, mostly in Europe. The energy storage branch is also expanding:
"EV battery revenue saw a significant increase driven by environmental policies such as increasing EV subsidies in the second half of last year in Europe, and ESS revenue also saw an increase from the U.S. project. However, small battery revenue declined QoQ due to decreased sales of pouch batteries."
The company expects that in 2021 the EV battery market will grow by 80% year-over-year to 236 GWh, while the energy storage market will grow by 57% year-over-year to 29.8 GWh.
Well, the results are not surprising at all. Samsung SDI is simply benefiting from the booming EV market in Europe and it seems that the trend will continue.