Doosan Construction, Last Year's Sales 2.1 Trillion KRW and Operating Profit 108.1 Billion KRW... Largest in 10 Years

Annual Sales Up 27%, Operating Profit Up 77% Year-on-Year

Doosan Construction achieved its best performance in 10 years last year. Despite the real estate market downturn, it succeeded in securing results through data-driven order activities. Following a turnaround to profitability two years after management control was transferred to the private equity fund Q Capital consortium in 2022, the company has taken another step closer to business normalization.

Doosan Construction announced on the 10th that it achieved sales of 2.1753 trillion KRW last year, a 27% increase compared to the previous year. Operating profit was tentatively estimated at 108.1 billion KRW, up 77% during the same period.

Doosan Construction recorded net losses for 10 consecutive years from 2010 to 2020. Except for 2021 (7.3 billion KRW), it saw net losses again in 2022. The losses, which had increased to 210.4 billion KRW, were reduced to 77.7 billion KRW in 2023, and the company succeeded in turning a profit of 18.7 billion KRW last year.

New orders last year also reached 4.1684 trillion KRW. Doosan Construction explained that its performance growth was driven by selective orders based on data. By securing high-quality projects, increasing sales performance through pre-sales, and promoting stable projects, it was able to boost revenue. The pre-sale of the Busan ‘Doosan We've the Zenith Ocean City (3,048 households)’, scheduled for completion this year, was cited by Doosan Construction as a representative selective order case.

Doosan Construction plans to maintain its selective order policy and actively pursue new orders this year as well. On the 23rd of last month, it was selected as the complex project participant (contractor) for the ‘Banghak Station Urban Public Housing Complex Project’ promoted by the Korea Land and Housing Corporation (LH). It also entered the bidding for the largest reconstruction project in Gyeonggi Province, the Eunhaeng Jugong Apartment in Seongnam City.

The company is also striving to secure financial soundness. Doosan Construction stated, "The contingent liabilities of the projects currently under pre-sale account for about 10% of sales," and added, "Most of these are guarantee loans for union project funds, so there is almost no real contingent liability risk."

Doosan Construction said, "2025 marks the 65th anniversary of our founding, a meaningful year in which we will strive to grow further," and added, "To become a 100-year company, we will continue to practice transparent management and strengthen our brand."

Meanwhile, Doosan Construction was delisted in 2014 due to the aftermath of unsold units at Ilsan Doosan We've the Zenith. The situation worsened afterward, leading to management control being transferred to the Q Capital consortium.