Hyundai Engineering and Construction Co. (HDEC) had a record year in 2016 with its operating profit surpassing 1 trillion won, the best in the construction industry, despite a slowdown in the global construction market.
The company on Feb. 26 said that its consolidated sales revenue last year amounted to 18.744 trillion won, with operating profit rising to 1.527 trillion won and net profit 650.4 billion won.
The sales figures were down around 2 percent year-on-year while operating profit jumped 6.7 percent year-on-year and net profit 11.4 percent year-on-year.
The company said its tight control on expenses and a strategy to only land construction projects that are profitable have paid off, despite low oil prices that caused a slowdown in overseas construction activity and the domestic economy.
The company’s policy to issue consolidated financial statement with Hyundai Engineering since 2011 also has helped the company record better figures.
Hyundai Engineering & Construction Co., Ltd. (HDEC) is a Seoul-based general construction company, established in 1947, and is a subsidiary of South Korean Hyundai Motor Group. HDEC’s business area comprises civil and environmental engineering, construction, housing, nuclear and electric power plants. Some of HDEC's operations in Latin America include the Puente Chacao bridge consortium, made up of HDEC (50 percent), Brazilian company OAS (49 percent), and Norwegian-French conglomerate Systra-Ass Jakobsen (1 percent).
The consortium is responsible for designing and building the Chacao bridge in southern Chile. The construction of the 2.75km, four-lane bridge is expected to be finished by 2020. In Venezuela, Hyundai Engineering and Construction Co. together with Hyundai Engineering Co. Ltd and Wison Engineering Services Co. Ltd. were awarded a contract in 2014 for the Puerto La Cruz Refinery expansion, worth approximately $4.8 billion.
The refinery is located in the state of Anzoategui and is expected to start operations in 2018. In Colombia, the company - together with the Ministry of Environment and Korea Environment Industry and Technology Institute (KEITI) designed a master plan to improve sewage treatment facilities and pipe maintenance in the Cauca department; and in Uruguay, the company is part of the consortium in charge of building state-owned company UTE's Punta del Tigre Combined Cycle power plant, expected to start operations in 2016.
Hyundai Construction Equipment Americas Announces National Service Manager
Hyundai Construction Equipment Americas announced the appointment of Scott Rainwater as the national service manager. In his new role, Rainwater will lead Hyundai’s district service manager team that supports the company’s North American authorized dealer network for its construction equipment product lines.
He will also manage Hyundai’s technical training teams for both construction equipment and forklift. “Making sure that our dealer network receives the needed technical training to support the Hyundai brand in the field is a top priority,” Rainwater said.
Prior to his promotion, Rainwater worked for three years on the Hyundai service team. Before joining Hyundai, Rainwater gained extensive experience as a dealer field service technician for a variety of construction equipment OEMs. He later worked as a dealer service manager in the Atlanta market for 10 years, which provided him with great insight into dealership operations and challenges.