Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Daewoo E&C ranks 3rd overall in construction capability evaluation
Daewoo Construction Chairman Jung Won-ju, front row center, visits Oman Duqum Oil Facility construction site in February. Courtesy of Daewoo E&C
By Kim Hyun-bin
By Kim Hyun-bin
Daewoo E&C is establishing a foundation for medium to long-term growth as a global construction company, despite the increasing uncertainty of rising interest rates and construction costs.
Daewoo E&C ranked 3rd overall based on strengthened financial stability, performance in the non-residential sector and overseas markets, in the construction capability evaluation announced this year.
In July, Daewoo E&C announced its preliminary results for the first half of this year, reporting sales of 5.87 trillion won ($4.39 billion) and an operating profit of 3.9 billion won, with sales increasing by 25.4 percent and operating profits by 28.2 percent compared to the same period last year.
The company attributed these results to significant growth in revenue from large overseas projects in the civil engineering sector, such as the Al Faw Grand Port project in Iraq and the Nigeria LNG Train 7 project, as well as continued growth in the non-residential sector. Through consistent efforts to improve its financial structure, the company has lowered its debt ratio from 199.1 percent at the end of last year to 188.3 percent in the first half of this year.
The ongoing success of Daewoo E&C's overseas contracts is another notable aspect. Having achieved overseas contracts exceeding 2.2 trillion won in the first half of the year, the company has already surpassed its annual target of 1.8 trillion won. This success is attributed to Daewoo E&C's strategic focus on key projects in host countries based on its decades of experience.
“We are laying the foundation for sustained growth as a global construction company through internal management and portfolio diversification, and these efforts have been reflected in the rise in our construction capability evaluation ranking,” a Daewoo E&C official said. “Under a stable governance structure since the group's integration, we will showcase our competitiveness as a traditional construction leader in the global market.”