Samsung SDI records 40% increase in Q3 operating income

Samsung SDI said on Tuesday that it recorded 3.43 trillion won in revenue and 370 billion won in operating income during the third quarter this year, an increase of 11.42% and 39.7%, respectively.

The global chip shortage had caused demand for large batteries to drop, the company said.

But this was offset by revenue jumps in batteries for high-end consumer and mobility products as well as revenue increase for small batteries used in wearable devices, Samsung SDI said.

The South Korean battery maker said the chip supply and demand issue in the automobile industry is expected to continue, but its customers are expected to launch new products that will allow Samsung SDI to supply its Gen 5 batteries to them, increasing revenue and profitability going forward.

Demand from smartphones, wearables and mobility products is also expected to continue going forward, Samsung SDI said.