Daewoo E&C, Operating Profit in First Half Increases by 6.3% to 233.5 Billion Won... New Orders Rise by 32%

[Financial News] Daewoo E&C announced on the 29th that its provisional results for the first half of the year showed sales of 4.35 trillion won and an operating profit of 233.5 billion won. According to the company, sales decreased by 18.1% compared to the same period last year, but operating profit increased by 6.3%.
When looking at the first half results by business sector, they are △Housing and Construction 2.8573 trillion won △Civil Engineering 842.3 billion won △Plant 485.6 billion won △Others 164.8 billion won. The solid performance of major domestic housing construction sites such as Baegunhosu Prugio, Yeongtong Prugio Pineville, Gangnam Data Center, and sites in Iraq and Nigeria led to achieving 51.8% of the annual plan. The operating profit margin also increased by 1.3%p to 5.4% compared to the same period last year.
New orders in the first half amounted to 5.8224 trillion won, a 32.3% increase compared to the same period last year (4.4008 trillion won). In the first quarter, they won orders such as the Seoul Gaepo Jugong 5th Complex Reconstruction (697 billion won), Incheon Cheongna International Business District B1 Block Officetel (479.5 billion won), and in the second quarter, the Turkmenistan Mineral Fertilizer Plant (940.1 billion won), Seoul Yeongdeungpo 1-11 District Urban Environment Maintenance Project (510.3 billion won).
As of the end of the first half, the order backlog was 44.9933 trillion won, securing stable work equivalent to about 4.3 years of annual sales, providing a foundation for sustainable growth.
A company representative stated, "In the second half, the orders for prepared large overseas projects such as the Czech nuclear power plant, Iraq Al Faw Port naval and air force bases, and the Vietnam Thai Binh Province Kien Giang new town development project will become visible," and "Domestically, we will focus on winning key urban redevelopment projects to exceed this year's targets."


ljb@fnnews.com Lee Jong-bae Reporter