Daewoo E&C Achieves 44% of Annual Sales Target with 3.949 Trillion KRW in H1

[Asia Economy Reporter Inho Yoo] Daewoo E&C announced on the 30th that its preliminary consolidated management performance for the first half of this year recorded new orders of 6.4019 trillion KRW, sales of 3.949 trillion KRW, operating profit of 202.1 billion KRW, and net profit of 114.3 billion KRW.

Daewoo E&C's order performance in the first half increased by 0.3% compared to the same period last year (6.3814 trillion KRW). New orders in the plant sector increased by 750% year-on-year due to the Nigeria LNG7 order. The achievement rate of new orders in the first half compared to the 2020 plan reached 50%. Daewoo E&C holds an order backlog of 35.2123 trillion KRW, up 7.1% from the end of last year, securing four years' worth of work compared to annual sales.

Daewoo E&C recorded sales of 3.949 trillion KRW in the first half, achieving 44% of the annual target of 9.05 trillion KRW. By business sector, housing construction recorded sales of 2.4542 trillion KRW, civil engineering 748.6 billion KRW, plant business 605.8 billion KRW, and other consolidated subsidiaries 140.4 billion KRW, respectively.

Operating profit increased by 0.9% year-on-year to 202.1 billion KRW. Net profit reached 114.3 billion KRW.

In the housing sector, Daewoo E&C plans to supply a total of about 35,000 housing units to the market by the end of the year, and is expected to rank first in private housing supply performance again this year.

Overseas, sales in profitable business sectors such as the Vietnam development project continue steadily, and additional orders in the LNG plant sector are expected in Nigeria and other key markets.

Daewoo E&C is also seeking new opportunities by proposing various contract methods to Iraqi clients whose construction contracts have been delayed, and is expected to increase orders in countries such as Indonesia and Qatar.

Furthermore, Daewoo E&C plans to actively pioneer new growth business sectors including investment development-type REITs operation, drone-related industries, electric vehicle infrastructure business, and life safety businesses such as protection and ventilation systems.

A Daewoo E&C official said, “Despite difficulties caused by the worsening internal and external management environment such as the COVID-19 pandemic and continued low oil prices in the first half, we recorded favorable results compared to the plan. In the second half, housing construction projects will be in full swing and overseas sites are expected to gradually improve, so there should be no major difficulties in achieving this year’s performance.”

This content was produced with the assistance of AI translation services.