Hyundai Engineering & Construction 3Q Operating Profit Rises 114% YoY to 221.7 Billion Won

Hyundai Engineering & Construction disclosed on October 30 that its consolidated operating profit for the third quarter of this year rose 114% from the same period last year to 221.7 billion won.

Third-quarter revenue fell 20% year on year to 6.2406 trillion won. For the first three quarters of this year, cumulative operating profit totaled 664.5 billion won, while revenue came to 19.3642 trillion won. Operating profit rose 24%, while revenue declined 16%.

Cumulative orders as of the third quarter totaled 28.8746 trillion won, up about 11% from the same period last year. The company said it increased orders, focusing on strategic domestic and overseas projects, including a U.S. electric arc furnace steel mill and an AI data center in Pohang. It achieved 87% of its annual order target of 33.4 trillion won. At the end of the third quarter, its order backlog stood at 99.531 trillion won, equivalent to about 3.6 years' worth of work.

Hyundai Engineering & Construction's Gyedong headquarters. Courtesy of the company.

The company said operating profit rose despite a slight decline in revenue, as it strengthened cost management and increased the share of projects with secured profitability. It also said it diversified its business portfolio by expanding domestic and overseas opportunities in high-value-added areas, including energy businesses such as large-scale nuclear power, small modular reactors (SMRs), solar power and offshore wind, as well as data centers and mixed-use developments.

A Hyundai Engineering & Construction official said, "Building on our global project execution capabilities and differentiated technological competitiveness, we plan to strengthen our competitive edge in the energy and infrastructure markets, expand future growth businesses, and solidify the foundation for sustainable growth."

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