Hyundai Engineering & Construction Surpasses 25 Trillion Won in Annual Orders... First Among Korean Builders

Record-Breaking Performance Since Company’s Founding

Hyundai Engineering & Construction has become the first listed construction company in Korea to surpass 25 trillion won in annual orders, achieving its highest performance since its founding.

On January 8, Hyundai Engineering & Construction announced that it recorded an estimated 25.0551 trillion won in annual orders last year. This figure represents a 39% increase from the previous year’s 18.3111 trillion won, marking the first time a single domestic construction company has exceeded 25 trillion won in annual orders.

In March of last year, Hyundai Engineering & Construction unveiled its new vision as an "energy transition leader" and set a goal of reaching 25 trillion won in orders by 2030. The company has achieved this target five years ahead of schedule.

Expansion in the energy sector played a decisive role in driving performance. Last year, the company secured major contracts, including a basic design agreement for four large-scale nuclear power plants with Fermi AmeriCA, a preliminary contract for a new nuclear power plant in Finland, a solar power project in Texas, and the Shinan Ui offshore wind project. With orders for a transmission line in Saudi Arabia and a data center in the Seoul metropolitan area, the company expanded its business across the entire spectrum of energy production, transmission, and consumption. The seawater supply facility project in Iraq, valued at over 3 billion dollars, is a case where the company’s 40-year history of executing national projects in the region led to the contract.

Hyundai Engineering & Construction's annual order performance over the past 10 years. Hyundai Engineering & Construction

In the domestic housing market, the company achieved 10.5105 trillion won in orders from urban redevelopment projects alone, maintaining its position as the industry leader for seven consecutive years. Major projects won include the Gaepo Jugong Complex 6 and 7 and the Apgujeong District 2 reconstruction. This is also the first time that orders for domestic urban redevelopment projects have surpassed 10 trillion won.

This year, large-scale nuclear power projects such as the Kozloduy nuclear power plant in Bulgaria and the jointly promoted Palisades SMR-300 with Holtec are expected to move forward in earnest. In the transmission sector, the company is seeking to enter new markets such as Australia in addition to Saudi Arabia, and plans to expand its data center business overseas, starting with Japan.

On January 5, Hanwoo Lee, CEO of Hyundai Engineering & Construction, delivered a New Year’s message to employees, stating, "Since declaring our transition to an energy company, we have built a solid business foundation based on technology and trust. This year, our efforts across the entire energy value chain-from production to transmission to consumption-will yield tangible results."

Recently, Hyundai Engineering & Construction reorganized its structure by integrating its architecture and housing, and safety and quality divisions, and established dedicated teams for future businesses such as pumped-storage, offshore wind power, data centers, sustainable aviation fuel (SAF), and hydrogen & ammonia. Under the Strategic Planning Division, a new "Work Innovation Center" has been created to drive innovation in work processes, including the use of AI.

A Hyundai Engineering & Construction representative stated, "Following the announcement of our future growth strategy at last year’s CEO Investor Day, we have achieved record annual order performance, solidifying the foundation for continued growth. This year, as we begin to implement the changes we have prepared, we will showcase key projects across the United States and Europe, leading the global energy transition and ushering in a new era for Korea’s construction industry."