Hyundai E&C's revenue and operating profit in the first quarter of this year decreased by more than 10% compared to last year.
Hyundai E&C noted on the 29th that it recorded a revenue of 7.4556 trillion won, operating profit of 213.7 billion won, and net profit of 166.7 billion won based on its preliminary consolidated performance for the first quarter of this year.
Compared to the first quarter of last year, revenue decreased by 12.8% and operating profit dropped by 14.8%. However, it successfully returned to profitability compared to the deficit recorded in the fourth quarter of last year.
A representative of Hyundai E&C forecasted that quarterly revenue would gradually recover. This is because they are sequentially completing projects that started during a surge in construction costs and are intensifying the processes of key business sites where profitability has been secured.
Hyundai E&C is intensifying the processes of its domestic projects, including the Ulsan S-Oil Shahin project, the D.H. Clast, and the Yongin Pacific Sunny Data Center, as well as large-scale overseas projects such as the Saudi Amiral Package (PKG)4 and Panama Metro Line 3. As a result, they achieved 24.5% of their annual revenue target of 30.4 trillion won in the first quarter.
Hyundai E&C holds 4.2227 trillion won in cash and cash equivalents (including short-term financial products). The liquidity ratio stands at 144.2%, while the liability ratio is 173.4%. The credit rating is at the industry's top level of AA-.
Hyundai E&C plans to focus on winning non-competitive, high-value-added projects based on its technological competitiveness, construction capabilities, and extensive business experience.
A representative of Hyundai E&C said, "We plan to secure high-value-added projects based on cutting-edge technology and discover future growth engines in large-scale nuclear power and small modular reactors (SMR), data centers, and hydrogen," adding, "We will restructure our business to focus on energy and profitability to overcome internal and external crises surrounding the construction industry."