BHI Continues Strong Q3 Performance... "New Orders Surpass 1 Trillion Won, Growth Expected Next Year"

BHIG continued its solid performance growth in the third quarter of this year. As the revenue recognition of projects ordered earlier this year began in earnest, BHIG announced on the 13th that its consolidated sales for the third quarter reached 98.2 billion KRW, a 19.7% increase compared to the same period last year. This is the largest sales figure for a single quarter this year.

During the same period, operating profit also rose by 73.4% year-on-year to 4.8 billion KRW, marking BHIG’s success in achieving profits for three consecutive quarters this year. However, net profit slightly decreased to 1.75 billion KRW due to external factors such as exchange rate fluctuations.

The strong performance of BHIG in the third quarter was influenced by the start of revenue recognition from the largest combined cycle power plant construction project in Saudi Arabia. Earlier, BHIG signed a supply contract with SEPCO-3 in March for six 600MW-class combined cycle power plant heat recovery steam generators (HRSG) worth approximately 200 billion KRW.

In the third quarter, the company explained that revenue recognition from highly profitable projects centered on HRSG was partially reflected, resulting in significant improvement in profit margins along with external growth compared to the previous year.

BHIG expects this growth trend to continue next year. The new orders BHIG secured this year have exceeded approximately 1.1 trillion KRW, which is the highest annual new order record. With the confirmation of a 130 billion KRW project awarded last month, BHIG is expected to easily achieve its annual new order target of 1.3 trillion KRW this year.

A BHIG official stated, “Due to the increase in global power demand and the spread of decarbonization policies, the demand for our core items such as HRSG and nuclear power continues to grow. We will continue to strengthen our global competitiveness through ongoing research and development in related business sectors and focus on expanding new orders to sustain the company’s growth.”

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