HanmiGlobal Reports Record High Operating Profit in H1: "Expansion of Overseas Share Effective"

HanmiGlobal announced on the 13th that it recorded cumulative sales of 204.4 billion KRW and operating profit of 16.5 billion KRW for the first half of this year based on consolidated financial statements. Sales decreased by 0.6% compared to the same period last year, but operating profit increased by 20.4%. The operating profit is the highest ever for a half-year period.

HanmiGlobal explained that this was the result of expanding the proportion of overseas sales with high operating profit margins and diversifying business areas such as renewable energy, urban redevelopment projects, and the public sector.

The cumulative total sales of HanmiGlobal’s major overseas group companies and subsidiaries for the first half reached 117.9 billion KRW, accounting for 57.7% of total sales. The total comprehensive income earned overseas was 13 billion KRW, with a high profit margin of 11%. Compared to the same period last year, overseas total sales increased by 20%, and total comprehensive income increased by 103%.

By country, the total sales in the U.S. market for the first half were 61.4 billion KRW, up 17.6% from the previous year. This performance was achieved by OTAK Inc, a U.S. engineering company acquired by HanmiGlobal in 2011, and the U.S. subsidiary managing construction projects for high-tech factories of domestic large corporations. In the UK market, where HanmiGlobal has been strengthening its presence by acquiring K2 Group, Walker Sime, and others since 2019, cumulative sales for the first half reached 24.8 billion KRW, a 24.6% increase compared to the same period last year. The Saudi Arabian subsidiary, which is responsible for projects such as the Neom City worker accommodation complex, the Roshn housing complex, and the Diriyah development project, recorded cumulative sales of 22 billion KRW for the first half, showing a high growth rate of 29.4% compared to the previous year.

By business area, order expansion in the energy and infrastructure sector, including renewable energy, stands out. The privately-led Jeonnam offshore wind power plant (100 MW class), for which HanmiGlobal is the project manager (PM), is scheduled for completion by the end of this year. HanmiGlobal is also performing PM services for the 'Nakwol Offshore Wind Power Project,' currently the largest in Korea (364 MW class). Earlier this year, it consecutively secured projects such as the Kuwait Abdulla New City infrastructure development and the modernization of the Bucheon combined heat and power plant (1.0 GW).

Additionally, HanmiGlobal won PM contracts for the 'Bank of Korea Gangnam Headquarters Event Hall New Construction,' considered the largest PM project in the domestic public sector this year, and the 'Hangang Mansion Apartment Reconstruction and Redevelopment Project' in Ichon-dong, Yongsan-gu, Seoul.

A HanmiGlobal official stated, "In the second half of the year, we will strategically expand orders in promising fields such as high-tech factories, energy and infrastructure, urban redevelopment projects, data centers, and smart buildings based on our global business competitiveness and top-level domestic technology to continue the growth trend in performance."