[Click eStock] "HanmiGlobal to Continue Securing Orders Based on Middle East Presence"

On May 23, IBK Investment & Securities forecasted that HanmiGlobal would continue to expand its performance, particularly in the Middle East. The firm maintained its "Buy" investment rating and a target price of 21,000 won.

In the first quarter of this year, HanmiGlobal recorded revenue of 122.5 billion won and operating profit of 9.8 billion won. These figures represent increases of 20.3% and 16.5%, respectively, compared to the same period last year.

By region, domestic revenue reached 59.3 billion won, up 35.4% year-on-year. The proportion of domestic revenue in total sales also rose slightly to 48.4% from the same period last year. Revenue from the Saudi Arabia segment was 12.3 billion won, an 11.0% increase quarter-on-quarter, contributing to the company's overall performance improvement.

Jo Junghyun, a researcher at IBK Investment & Securities, explained, "While the proportion of revenue from Saudi Arabia fell slightly from 10.9% in the previous quarter to 10.0% in the current quarter, the absolute amount continued to increase, indicating that the momentum for new orders in the Middle East remains strong."

HanmiGlobal is expected to continue securing orders based on its presence in the Middle East.

Researcher Jo stated, "HanmiGlobal's efforts to strengthen its local business base by establishing a Middle East Regional Headquarters (RHQ) in Saudi Arabia are translating into order achievements. In February, the company was selected as a consultant for the 'The NorthPole' project, which is expected to have a total construction budget of approximately $10 billion."

He continued, "This project is a symbolic mega-project planned to be more than twice as tall as the Burj Khalifa, and there is potential for further expansion into specific project management (PM) contracts and follow-up projects. This trend aligns with Saudi Arabia's Vision 2030 policy, and as the project progresses, additional growth in the Middle East region is also anticipated."