Hyundai's Profits Skyrocket Fueled by Strong Performances in Saudi Arabia and Vietnam


Hyundai Engineering & Construction reported a substantial 38.9 percent year-on-year increase in its net profit for 2023, driven by a surge in construction project orders and the notable contribution from successful partnerships with Saudi Arabia. The company credited its robust performance to a series of project wins both domestically and internationally, including significant endeavors like a metro line construction project in Saudi Arabia and a refinery construction project in Vietnam.

The consolidated net profit reached 654.3 billion won ($490 million) in 2023, compared to 544.2 billion won in 2022, as disclosed in a regulatory filing. Operating profit also experienced a notable 36.6 percent year-on-year increase, reaching 785.4 billion won, while sales saw a substantial climb of 39.6 percent, totaling 29.65 trillion won for the previous year. Looking ahead, Hyundai Engineering & Construction has set an ambitious annual sales target of 29.75 trillion won for the year 2024.

In a different economic context, South Korean producer prices rebounded in December, with a 0.1 percent increase compared to the previous month. This reversal followed a 0.1 percent decline in October and a 0.4 percent dip in November, according to data from the Bank of Korea (BOK). The producer price index (PPI) rose to 121.19 in December, up from 121.02 in November. Over the course of 2023, the PPI showed a 1.6 percent year-on-year increase, gaining 1.2 percent from the previous year. Additionally, consumer prices in December rose 3.2 percent compared to the same month in the previous year, marking the fifth consecutive month of prices remaining above the 3 percent level, albeit with a slowing growth trend for two consecutive months.

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