Hyundai E&C eyes further expansion overseas

Korean builder Hyundai Engineering and Construction will focus on expanding and diversifying overseas businesses to maintain financial stability, the company said Monday.

By focusing on foreign markets and quality construction projects, the company saw an operating profit exceeding 1 trillion won ($898 million) last year, a first among South Korean builders, bucking the trend in the sluggish overseas and domestic construction markets, the company said.

In 2016, the company’s net profit soared 11.4 percent to 650.4 billion won, with operating profit gaining 6.5 percent to 1.05 trillion won. New orders reached 21 trillion won last year. It aims to achieve 24 trillion won in new orders this year, up 14.5 percent from 2016.

The company has been focusing on foreign markets and diversification since Hyundai Motor Group became the biggest shareholder of the company in 2011.

The company has secured various overseas projects such as a $987.9 million power generation and desalination plant in the United Arab Emirates and a $2.6 billion bridge project in Kuwait.

The company said it will continue to focus on foreign markets and projects in which the company has a competitive advantage as well as projects likely to yield high profits in order to achieve stable management. It said it will also seek opportunities in new overseas markets such as the Central America and the Commonwealth of Independent States.