Daewoo E&C meets H1 target despite pandemic

Daewoo Engineering & Construction said Thursday it has met its target for the first half of the year owing to new overseas deals.

The company won has won orders worth 6.4 trillion won ($5.39 billion) during the first half of the year, racking up 3.949 trillion won in revenue and 202 billion won in operating profit.

Compared to the first half of 2019 when domestic orders accounted for more, this year saw Daewoo E&C land orders worth 2.68 trillion won from overseas, including the Train 7 LNG plant project in Nigeria worth over 5 trillion won.

Daewoo E&C was part of a multinational consortium along with partners Saipem of Italy and Chiyoda of Japan which won the contract in May, becoming the first South Korean building company to branch out into the LNG plant market as a main contract, the company said.

The company also bagged multiple orders in countries like Iraq, Singapore and Indonesia during the first half of this year.

Daewoo E&C is currently pursuing a $388 million mixed-use development project in partnership with Korean financial institutions to build a complex consisting of a hotel and a residential complex at Starlake City in Hanoi, Vietnam.

By Yim Hyun-su(hyunsu@heraldcorp.com)