Hyundai E&C beats Q2 profit estimates on foreign deals

Hyundai Engineering & Construction Co. reported better-than-expected profit in Q2 thanks to major deals at home and abroad.
Hyundai E&C said that its operating profit rose 27.4% to 223.6 billion won (USD 174.3M) in the April-June period from a year earlier, with sales up 28.4% to 7.2 trillion won. Its profit exceeded an average estimate of 191.6 billion won.
Hyundai E&C has landed a combined 20.7 trillion won in new contracts in H1, including a USD 5bn deal for Saudi Aramco’s Amiral project, meeting 71.3% of this year’s order target of 29.1 trillion won on a consolidated basis.
It is set to build a mixed feed cracker and utility system with an annual nameplate capacity of 1.7 million tons of ethylene and related industrial gas at the petrochemical complex, which Aramco is constructing with Total Energies in Jubail, Saudi Arabia.
The contract in June raised Hyundai E&C’s total overseas deals to 11.4 trillion won in H1, up 268.3% from a year earlier.
Hyundai E&C has secured work for the next four and a half years, with 95.3 trillion won in order backlogs.

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