Hyundai Engineering posts growth globally since merger

Since merging with Hyundai Asset Management Co. in 2014, Hyundai Engineering has grown into a global construction firm logging a stable surplus.

According to the company, its accumulated overseas contracts amounted to $31.3 billion in the six years as of 2019, which is 1.5 times more than the figure over 16 years before the merger.

Hyundai Engineering, originally a firm specialized in EPC (engineering, procurement and construction) overseas plant construction, merged with Hyundai Amco, which was a construction arm of Hyundai Motor Group in 2014.

The company said it clinched deals amounting to 10.8 trillion won ($8.74 billion) from overseas clients last year, with sales of 6.8 trillion won. As of 2019, the company posted accumulated overseas contracts of over $50 billion.

In the first year of the merger, Hyundai Engineering garnered deals worth $9.65 billion from overseas clients.

In addition to the boosted capabilities from the merger, the company said its attempt to diversify its main target markets from the Middle East to other parts of the world, led to its current achievement.

Analyzing the accumulated profit from overseas contracts until 2019, 16 percent each came from Europe and Southeast Asia, followed by Central Asia (28 percent), Middle East (14 percent) and Americas (10 percent), the company said. 

By Jo He-rim (herim@heraldcorp.com)