Daewoo E&C over-achieves 2020 overseas project target

[Photo provided by Daewoo E&C Co.]

South Korea’s Daewoo Engineering & Construction Co. (Daewoo E&C) procured nearly 6 trillion won ($5.5 billion) worth new orders abroad last year, over-achieving its annual overseas project target of 5.07 trillion won worth, the company said on Wednesday.

According to Daewoo E&C, the builder won 11 overseas deals last year worth 5.86 trillion won in total.

Daewoo E&C started off this year with a 344.5-billion-won Star Lake City investment development project in Hanoi, Vietnam, in January. In May, the company drew a 2.07-trillion-won engineering, procurement, and construction order of the Nigeria LNG Train 7 project. In July, Daewoo E&C signed a 155-billion-won deal with Singapore’s Land Transport Authority to build mass rapid transit stations in Singapore and in August, a 125.1-billion-won Fanling bypass construction order in Hong Kong.

Last month, Daewoo E&C clinched a package of five deals worth 2.8 trillion won in Iraq to build facilities for a large-scale port project in Al Faw.

When including domestic projects, Daewoo E&C would have gained workload worth 12.8 trillion won last year..

The company expected earnings to improve in 2021 particularly as profits from its housing business will be reflected in this year’s revenue and profit.

Shares of Daewoo E&C were trading 4.15 percent higher at 6,030 won on Wednesday.

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