[Click eStock] "HanmiGlobal Confirms Profitability Recovery"

On the 29th, IBK Investment & Securities analyzed that HanmiGlobal's reconstruction and redevelopment projects are emerging as new sources of revenue.

In the second quarter of this year, HanmiGlobal recorded sales of 102.6 billion KRW and an operating profit of 8.1 billion KRW. Compared to the same period last year, sales decreased by 2.5%, but operating profit increased by 15.7%.

Researcher Jo Jeong-hyun of IBK Investment & Securities explained, "Sales declined due to the impact of the construction division of its subsidiary Hanmi E&C," adding, "the proportion of Construction Management (CM) sales increased and the subsidiary Otak's profit margin normalized, resulting in a recovery in profitability." He continued, "HanmiGlobal's workforce decreased by 68 employees compared to the beginning of the year," and added, "This was due to the restructuring of non-core business units, so there was no damage to core competencies."

Researcher Jo introduced, "Recently, as conflicts over construction costs between the association and contractors have arisen, HanmiGlobal formed a business division that manages the entire project process on behalf of the association, from design adjustments to construction cost negotiations." He mentioned, "Recent order records include Cheongdam Le El and The H Bangbae."

He analyzed, "The global business division expects growth in the Saudi Arabia region," estimating "Saudi sales this year to be approximately 45 billion KRW." Furthermore, he added, "This will account for more than about 10% of total sales," and "HanmiGlobal will actively participate in bidding activities in Saudi Arabia."

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