Hyundai E&C witnesses profit spike after flurry of contract wins

Hyundai Engineering & Construction headquarters in Seoul [YONHAP]

Hyundai Engineering & Construction (Hyundai E&C) said Tuesday its net profit jumped 38.9 percent on-year in 2023, bolstered by increased construction project orders.

Net profit came to 654.3 billion won ($490.1 million) on a consolidated basis in 2023, compared with a profit of 544.2 billion won in 2022, the company said in a regulatory filing.

Operating profit rose to 785.4 billion won, marking a 36.6 percent on-year increase, while sales also climbed 39.6 percent to 29.65 trillion won last year.

The company said its healthy performance was attributed to a series of orders it won from both home and overseas, including a gas processing plant project in Saudi Arabia's Jafurah gas field, an oil refinery contract with Iraq's state-run Basra Oil and a major petrochemical plant project in Ulsan commissioned by S-Oil.

The company said it has set an annual sales target of 29.7 trillion won for 2024.

Yonhap