Daewoo Engineering and Construction Co. has come to a point where it will be able to recover its past glory as a top builder in Korea. So far this year, it has captured over 10 trillion won worth of construction project orders during the first three quarters, the company said.
The construction firm said its total orders amounted to 11.385 trillion won in the first three quarters of this year, becoming the first construction firm to surpass the 10 trillion won milestone.
Total new orders break down to 3.6955 trillion won in residential housing construction projects, up 1.403 trillion won more than those in the same period last year; 2.219 trillion won in construction projects; 1.836 trillion won in plant construction projects; 757.4 billion won in civil engineering projects; among others, from January to September this year.
Sales amounted to 2.602 trillion won in the third quarter with operating profit coming to 120.9 billion won, up 69 percent and 24.07 percent respectively year-on-year, which was due to the expansion of housing construction projects to take advantage of the lively housing market. The company planned to build 30,000 apartments this year, but later expanded the number to 48,156 apartments to be built by the end of this year.
President Park Young-shik said the company achieved its base to be a global concern by securing the largest construction projects in value, totaling over 15 trillion won as targeted, which will allow the company to expand its operation to the development and management areas from simple construction.
Daewoo E&C has been advancing into the world market for many decades now.
“Beginning with road construction work in Ecuador in the late 1970s, we have built more than three hundred projects in over forty countries, including in Asia, the Middle East, Africa, and Europe,” the company said. “We operate branches and subsidiaries in Asia, Africa, the Middle East, Europe, the US, and other parts of the world as part of our strategy of advancing into overseas markets and strengthening our overseas operations.”
“We are currently working on more than forty-five overseas projects, winning plaudits for our advanced technologies and outstanding construction capabilities. Our overall goal is to be a company that is trusted and respected by people throughout the world.
Daewoo E&C has been enriching people’s lives ever since its establishment in 1973.
“We believe in the power of construction to change the world, and are committed to continuing in our role as a market-leading global construction convergence innovator,” the company said. “Our commitment to change is planting seeds of hope throughout the world. A prime example of this is Bonny Island in Nigeria. Situated on the edge of Rivers State in the Niger Delta, this small island has been reborn as a treasure house of energy, thanks to an LNG plant that Daewoo E&C built there.”
It shows how Daewoo E&C can make a difference by turning Africa’s potential into a reality. Our construction triumphs also include the Busan-Geoje Fixed Link, which involved building a fully-immersed underwater tunnel, and the Sihwa Lake Tidal Power Plant. Our vision is to be a Global E&C Leader, creating the highest-possible values by combining the strengths of our world-leading technologies and highly-skilled human resources.
“Our goal is to be a leading construction convergence innovator of South Korea. This includes developing new growth engines and creating a wide variety of financing-linked business opportunities in South Korea and the world through our affiliation with the Korea Development Bank. Going forward, Daewoo E&C will continue deploying its technological acumen, industry-leading human resources, and commitment to change and challenge to make the world happier and healthier.”
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