Synopsis
Samsung Electronics has dominated the South Korean market, achieving the highest annual sales for 22 years straight, according to a recent report. This highlights the company's significant growth and consistent performance in the competitive electronics industry.Key Takeaways
- Samsung has been the top seller in South Korea for 22 years.
- Sales grew from 1.36 trillion won in 1984 to 170.4 trillion won in 2023.
- Seven companies have been in the top 50 for 40 years.
- Samsung E&A is building a biopharmaceutical facility for Sartorius AG.
- The project is expected to be completed by 2027.
Seoul, March 24 (NationPress) Samsung Electronics has maintained its position as the top seller among South Korean firms for an impressive span of 22 consecutive years from 2002 to 2023, according to a report by the Korea CXO Institute released on Monday.
The analysis indicates that Samsung Electronics has consistently ranked first in annual sales every year since 2002, as reported by the Yonhap news agency.
In conducting its analysis, the institute did not include financial institutions or companies that underwent ownership changes due to management challenges.
This report analyzes the annual sales trends of the top 50 listed companies from 1984 to 2023.
Over this time, Samsung Electronics has seen its sales soar from 1.36 trillion won (approximately US$928 million) in 1984 to 170.4 trillion won by 2023.
The findings also reveal that Samsung Electronics, along with six other companies, has retained its position in the top 50 for the complete 40-year duration.
The other companies include Hyundai Motor Co., LG Electronics Inc., Samsung C&T Corp., LG Chem Ltd., Hyundai Engineering & Construction Co., and Korean Air Co.
Between 1985 and 2001, Samsung C&T secured the top position 14 times, while Hyundai Motor has consistently been among the top three in recent years, as indicated in the report.
In related news, Samsung E&A announced on Monday that it has secured a 518.6 billion-won (around $354.2 million) contract to construct a biopharmaceutical raw material production and research facility in Songdo, west of Seoul, for Sartorius AG of Germany.
This facility will be built for Sartorius Korea, which is the South Korean branch of the German life sciences leader, within the Songdo Free Economic Zone in Incheon.
Upon completion, the plant will produce single-use bioprocessing bags and pharmaceutical membrane filters, in addition to providing Clinical Contract Research Organization (CRO) services.
Samsung E&A will independently manage the engineering, procurement, and construction, with the project expected to be completed by 2027.
