Korea Business News Agency - NSP NEWS AGENCY.

(Photo = Ssangyong Engineering & Construction)

(Seoul=NSP NEWS AGENCY) = Ssangyong Engineering & Construction said it turned black in 2023 after three years of the deficit during the COVID-19 pandemic at its 47th annual shareholder's meeting, held on March 28, to authorize its financial statement for 2023.

Ssangyong generated 1.443 trillion won in revenue, 35.9 billion won in net income, and 31.8 billion won in operating profit.

It explained the turnover that the cost increased during the pandemic was significantly decreased thanks to improved costs in the Korean housing and construction sector and increased contracted amount from large construction sites abroad it received.

In particular, its construction sites at home and abroad and headquarters’ reduced about 5% of total cost enterprise-wise.

Another factor was the successful Atlantis The Royal in Dubai project. The Dubai hotel project was completed in February 2023, which took 80 months from the groundbreaking in July 2016 due to the pandemic. Ssangyong finished the negotiation on increased construction cost, which went up 1.6 trillion won from 900 billion won when winning the order due to multiple order changes and a significantly prolonged construction period.

This project was ordered by the global sovereign wealth fund, Investment Corporation of Dubai (ICD), the then majority shareholder of Ssangyong Engineering & Construction, in December 2015, and received by Ssangyong as a project contractor with a co-contractor Belgian construction company, Besix.

By Hyun-jin Kim(kimhj30310@nspna.com) and Eun-tae Kang(keepwatch@nspna.com)

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