Hyundai E&C shares rose more than 3% on the morning of the 16th, after news it won a 4 trillion won project to build a seawater treatment facility in Iraq.
At 9:19 a.m. that day, Hyundai E&C was trading at 61,900 won on the stock market, up 1,900 won (3.17%) from the previous session.
Hyundai E&C said on the 15th that on 14th (local time) it signed a contract at the Iraqi prime minister's office in Baghdad, Iraq, for a seawater supply facility construction project worth about $3.2 billion (about 4.4 trillion won).
It is the largest overseas order by a single construction company so far this year. The contract amount is 13.4% of last year's sales, and the construction period is 49 months.
The project Hyundai E&C will carry out is to build a seawater treatment plant capable of producing 5 million barrels of water per day near the Zubair port, about 500 kilometers southeast of Baghdad.
The water produced here is expected to be fed into crude oil output-increase facilities at Iraq's representative oil fields, including West Qurna and South Rumaila in southern Basra, Iraq.
Cho Jeong-hyeon, an analyst at IBK Securities, said that day, "This order is the three elements of 'governance stability + price normalization + securing a large order,'" and "In the short term, the order momentum, and in the midterm, steep profit recognition after 30% progress, are likely to work positively for the stock price."