Cumulative sales reach 19.36 trillion won, down 15.8% on year

Hyundai Engineering & Construction headquarters. [Hyundai E&C]
Hyundai Engineering & Construction headquarters. [Hyundai E&C]

Hyundai Engineering & Construction said Friday its cumulative operating profit for the first three quarters of this year reached 664.5 billion won ($498 million).

According to the earnings release, cumulative sales for the January-September period fell 15.8% from a year earlier to 19.36 trillion won. Despite the revenue decline, operating profit rose 24.4% over the same period to 664.5 billion won, as the company tightened cost controls and secured stronger project profitability.

Cumulative new orders through the third quarter reached 28.87 trillion won, up 10.6% from a year earlier, driven by strategic domestic and overseas projects including an electric arc furnace steel mill in the United States and an AI data center in Pohang. The figure represents 86.5% of the company's full-year order target of 33.4 trillion won. Orders also reflected wins in the Bokjeong transit-oriented mixed-use development and the Incheon Bugae Zone 5 redevelopment project.

The order backlog rose 4.7% year-on-year to 99.53 trillion won, equivalent to roughly 3.6 years of work, providing a stable revenue base and medium- to long-term growth momentum.

"Even amid an uncertain external business environment, we are continuing our selective order strategy that prioritizes profitability and project viability, while accelerating efforts to secure future growth drivers centered on energy transition and high-value-added projects," the company said.

Hyundai E&C said it is actively expanding domestic and overseas opportunities in sustainable energy — including large-scale nuclear power plants, small modular reactors, solar power and offshore wind — as well as high-value-added sectors such as data centers and mixed-use developments, diversifying its project portfolio in the process.

"Focused efforts on selective ordering and stronger cost management have kept operating profit on an improving trajectory," a company official said. "We plan to reinforce our competitive edge in the energy and infrastructure markets on the strength of our global project execution capabilities and differentiated technology, and to build a sustainable growth foundation by expanding future growth businesses."

Meanwhile, Hyundai E&C's cumulative new orders in urban redevelopment this year reached 12.73 trillion won, placing it first among domestic construction companies.


hss@heraldcorp.com