Daewoo E&C Reports Q3 Sales of 6.2465 Trillion KRW, Up 6.9% YoY

Daewoo E&C announced on the 28th that its cumulative management performance for the third quarter of 2021 (consolidated basis) tentatively recorded sales of KRW 6.2465 trillion, operating profit of KRW 534 billion, and net profit of KRW 376.3 billion.

Daewoo E&C achieved cumulative third-quarter sales of KRW 6.2465 trillion, reaching 63.7% of its annual target of KRW 9.8 trillion. Sales by business segment were ▲Housing Construction Business KRW 4.2513 trillion ▲Civil Engineering Business KRW 954.6 billion ▲Plant Business KRW 639 billion ▲Other Consolidated Subsidiaries KRW 401.6 billion.

Operating profit recorded KRW 534 billion, a 75.1% increase compared to the same period last year (KRW 305 billion), maintaining a sharp growth trend since the fourth quarter of 2020. Net profit increased by 121% to KRW 376.3 billion. Gross profit also reached KRW 888.8 billion (gross profit margin 14.2%), nearly a 44.2% increase compared to the same period last year (KRW 616.2 billion, 10.5%).

With this, Daewoo E&C surpassed the total net profit of 2020 (KRW 282.6 billion) within just three quarters of this year, and operating profit has already achieved more than 95% of last year’s full-year performance.

New orders recorded KRW 7.6316 trillion, achieving 68.1% of the 2021 plan (KRW 11.2 trillion). Currently, Daewoo E&C holds an order backlog of KRW 40.534 trillion, a 6.4% increase compared to the end of last year, securing approximately 4.9 years’ worth of work relative to annual sales.

Daewoo E&C continues an active housing sales business in Korea, holding an order backlog for housing construction starts close to KRW 11.6 trillion. Although sales performance this year is expected to decline somewhat compared to early guidance due to delays in permits and sales schedules, the initial order plan is expected to be exceeded due to increased orders in urban maintenance and private contract business sectors.

A Daewoo E&C official stated, "In the fourth quarter, more than 15,000 housing units, including many large complexes with over 1,000 units domestically, are scheduled for sale, and overseas high-profit project sales such as the Vietnam THT corporation and the Iraq site are beginning in earnest, so future performance is expected to improve significantly."