Sales of 10.4 Trillion KRW, 20% Increase Compared to Previous Year
[Asia Economy Reporter Onyu Lim] Daewoo E&C achieved its highest operating profit since its establishment last year.
Daewoo E&C announced on the 31st that its consolidated operating profit for last year was tentatively estimated at 760 billion KRW, a 2.9% increase compared to the previous year. This is the highest record ever achieved by Daewoo E&C, exceeding market expectations. Net profit also showed solid performance, increasing by 4.8% to 508 billion KRW compared to the previous year.
Last year's sales reached 10.4192 trillion KRW, a 20% increase from the previous year. The housing construction division accounted for 6.359 trillion KRW, representing 61% of the total, followed by the civil engineering division with 1.8973 trillion KRW, the plant division with 1.446 trillion KRW, and consolidated subsidiaries conducting projects such as the Vietnam Hanoi THT development project recorded sales of 716.9 billion KRW.
A Daewoo E&C official explained, "Despite the challenging domestic and international business environment, including steep interest rate hikes and rising raw material and outsourcing costs, sales increased as civil engineering and plant projects in Iraq, Nigeria, and other locations began in earnest, supported by the solid growth of the housing construction division."
New orders were also actively secured. Last year's new orders amounted to 14.1295 trillion KRW, a 27.5% increase compared to the previous year's performance (11.083 trillion KRW). This exceeded the target of 12.2 trillion KRW.
This year, the plan is to achieve sales of 10.9 trillion KRW and new orders of 12.3 trillion KRW. In the housing sector, 18,279 apartment units will be supplied.
A Daewoo E&C official forecasted, "With numerous contracts pending, including the GTX-B line and the Nigeria Kaduna Refinery project, this year's order target is expected to be smoothly achieved."
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