Hyundai E&C is rising to prominence in the global construction market, a testament to the competitiveness of K-construction.
Hyundai E&C recently ranked 11th in the world in The Top 250 International Contractors 2023 ranking released by Engineering News Record (ENR), an American construction engineering publication, and is on track to join the global Top 10.
ENR annually ranks the world's construction firms based on their business performance. In particular, the International Category is recognized as a useful indicator to assess a firm’s position in the global construction market as it is determined by the international sales excluding domestic sales.
Hyundai E&C ranked 11th on the list, with $6.83 billion in overseas sales out of a total revenue of $16.75 billion last year. This represents an 18.6% year-on-year increase in global sales, and two notches up in the ranking, which is company's highest ranking since joining the Hyundai Motor Group. As the only Korean construction builder to be ranked in the top 10, Hyundai E&C is solidifying the country's growing influence in global industries such as automobiles and semiconductors, and expanding its global presence to the construction sector.
Regionally, it ranked among the top 10 in the Middle East (3th) and Asia (5th), with strong performances in petrochemicals (6th) and power generation (10th). This performance was driven by mega-projects that are on track such as Saudi Arabia's Marjan gas processing plant, the Philippines' Southern Railway, and Panama's Metro Line 3, as well as continued profitability drive-up in the core markets of the Middle East and Asia.
In particular, Hyundai E&C is leading the way in reviving the Middle East's construction boom by steadily executing 16 large-scale projects in Saudi Arabia alone, including the Amiral project, the largest petrochemical complex in Saudi Arabia, and the power grid expansion project connecting the Yanbu region and Neom City, as well as the Saudi Neom Rail Tunnel.
As Hyundai E&C continues to thrive in the overseas construction market, its partnerships with global companies are also expanding. The company has secured an exclusive status as a mid- to long-term project partner of Aramco, the world's largest energy company, and is participating in the Ukrainian energy reconstruction project with U.S. Holtec, a leader in next-generation nuclear power plants.
Meanwhile, as the global construction sector is expected to enter a new phase, including renewable energy conversion projects that will lead the net-zero era and the construction of future cities based on a myriad of mobility technologies, Hyundai E&C is focused on diversifying its business portfolio to create the group-related synergies and prepare for sustainable growth.
An official from Hyundai E&C said, “We believe that factors including differentiated business strategy driven by latest technology to flexibly cope with the rapidly changing global construction sector, operations of over 30 overseas branches and offices, as well as the strengthening of trust and solidarity among the company’s top management, have been the driving force behind the increase in sales and the rise in the ranking.” “As we expect accelerated overseas expansion and growth through One Team Korea's proactive sales diplomacy, we will strengthen the status of K-construction firms through our world-class technology and successful business performance.”
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