Samsung Electronics NZ sees 37.4% increase in net profit

Samsung Electronics New Zealand operation has released its latest financial report detailing its finances for the year ended 31st December 2023. The report shows that Samsung Electronics NZ's gross profit increased from NZD $156.3 million in 2022 to NZD $176.8 million in 2023, an increase in gross profit of roughly 13.1% year-over-year. Importantly, the company's net profit for the year (total comprehensive income) saw a large growth, up 37.4% from NZD $14.4 million in 2022 to NZD $19.7 million in 2023.

The company's profits before tax also saw an increase from NZD $20.7 million in 2022 to NZD $27.6 million in 2023, a 33.8% increase year-on-year.

The company's total assets saw a large increase year-on-year, increasing from NZD $221.4 million in 2022 to NZD $249.5 million in 2023, a 12.7% increase.

Another area of interest is Samsung Electronics NZ's Cash and Cash equivalents at the end of 31st December 2023, which saw a sizable decline of 18.5% from NZD $47.4 million in 2022 to NZD $38.6 million in 2023.

Revenue for the company also a very slight decline, down from NZD $825.3 million in 2022 to NZD $796.3 million in 2023, a decrease of roughly 3.5%.

The audit of Samsung Electronics New Zealand was performed by KPMG.

Samsung recently showcased its cutting-edge 2024 TV and soundbar lineup. This year spotlighted the latest in Neo QLED 8K and 4K, OLED TVs, and soundbars, all enhanced with sophisticated AI-driven technologies to redefine the home entertainment landscape.

SW Yong, President and Head of the Visual Display Business at Samsung Electronics, highlighted the transformative impact of AI on their product range. "We're pushing the boundaries of home entertainment by integrating AI in ways that go beyond traditional viewing experiences," Yong explained. "This year's lineup is a testament to our commitment to innovation, offering products that not only provide exceptional viewing experiences but also contribute meaningfully to our consumers' lifestyles."

At the forefront of Samsung's 2024 offerings is the Neo QLED 8K TV, equipped with the advanced NQ8 AI Gen3 processor. This processor represents a significant leap in AI TV technology, featuring a Neural Processing Unit (NPU) that delivers twice the speed of its predecessor and an eightfold increase in neural networks.

All figures are rounded to one decimal place.