Hyundai Engineering & Construction
Another record year for South Korean firm
After a stint in bankruptcy and seven years in a debt rehabilitation program, the company has bounced back and emerged as one of South Korea’s largest construction and civil engineering companies.
After a record year for sales (9,278.6 billion KRW, $8.5 billion, up 27.6%) and net earnings (455.8 billion KRW, $4.1Â billion, up 22%) in 2009, Hyundai Engineering & Construction continued its advance into large-scale Middle East projects.
CEO Kim Joong-Kyum stresses the need for continued innovation and pride in the company, and as part of a push , the company has become the first construction firm in South Korea to sign the United Nations Global Compact on sustainable business growth.
The Korean giant’s signature orders in 2010 were away from upstream oil and gas, hence their lower ranking than their headline numbers would suggest.
The firm was awarded a $936 million contract for Utilities and Off-site facilities for Borouge 3 in Ruwais, Abu Dhabi, and has been appointed the single contractor for a $1.45 billion pipeline bringing oil and gas from the Mina al-Ahmadi refinery in Kuwait to power plants in Sabiya and Doha.
