Samsung Heavy Industries has nearly doubled its third-quarter net profit.
The South Korean shipbuilder attributed the surge to orders for high-value ship types and offshore projects.
Operating profit soared 98.6% year on year to KRW 238.1bn ($166m), while revenue climbed 13.4% to KRW 2.63trn.
Net profit for the three months to the end of September rose 96.5% to KRW 140.3bn.
According to a survey by Yonhap News Agency’s financial news and information arm, Yonhap Infomax, SHI’s operating profit exceeded the average estimate by 10.2%.
Deliveries of high-value vessels are expected to increase in the fourth quarter, which will further boost earnings, the company said.
For the first three quarters of the year, SHI secured orders for 27 vessels valued at about $5bn: seven LNG carriers, nine shuttle tankers, two container ships, two ethane carriers, six crude oil tankers and one offshore production facility (preliminary work contract).
According to SHI, the proportion of orders made during the period of rising ship prices after 2023 is expected to increase in the fourth quarter.
An official said the company remains confident of meeting its annual order and profit targets, citing steady progress in shipbuilding and offshore projects.
As a result, sales this year are expected to exceed the original guidance of KRW 10.5trn.