GS Geonseol 'Profit Turnaround' Operating Profit 286.2 Billion KRW... Record High New Orders 20 Trillion KRW

Overcoming the Geomdan New Town Parking Lot Collapse, Performance Improves
Achieves Record-High New Orders of 19.9 Trillion KRW Since Founding

GS Construction succeeded in returning to profitability last year. It boosted its performance by achieving the largest order volume since its founding.

GS Construction announced on the 5th that its consolidated operating profit turned positive last year, tentatively totaling 286.2 billion KRW. Sales amounted to 12.8638 trillion KRW, down 4.3% compared to the same period the previous year. By business division, the Architecture and Housing Business Division recorded sales of 9.5109 trillion KRW, a 7.1% decrease from the previous year. In contrast, the Infrastructure Business Division increased by 4.5% to 1.1535 trillion KRW, and the Plant Business Division rose by 41.7% to 425.7 billion KRW.

Previously, GS Construction incurred an operating loss of 387.9 billion KRW in 2023 due to the decision to reconstruct the Incheon Geomdan apartment complex following the collapse of an underground parking lot. The impact was significant, reflecting a one-time cost of 552.4 billion KRW caused by the accident. Subsequently, losses appeared due to conservative cost rates and construction periods reflecting quality improvements and safety inspection activities.

Last year, GS Construction achieved the largest scale of new orders since its establishment. The order amount was 19.91 trillion KRW. The previous record for new orders was 16.074 trillion KRW in 2022. In the Architecture and Housing Business Division, it secured projects such as the Busan Bugok 2 District Housing Redevelopment Project (643.9 billion KRW) and the Cheongnyangni 6 District Housing Redevelopment Project (486.9 billion KRW). In the Plant Business Division, it won the Saudi Arabia Fadhili Gas Expansion Program Package 2 (1.6039 trillion KRW) and the Northeast Asia Liquefied Natural Gas (LNG) Hub Terminal Phase 1 Project (587.9 billion KRW). The Infrastructure Business Division secured the Australia SRL East Subway Tunnel Project (520.5 billion KRW).

GS Construction set its management goals for this year at sales of 12.6 trillion KRW and new orders of 14.3 trillion KRW. GS Construction stated, "We will strengthen the fundamentals of construction based on safety and quality, and reinforce the foundation and soundness of our business from a mid- to long-term perspective through selection and concentration."

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