GS Engineering and Construction recorded an operating profit of 286.2 billion won, marking a return to profitability. The 2023 Incheon Geomdan New Town underground parking lot collapse incident acted as a base effect.
GS Engineering and Construction announced on the 5th through a revised performance disclosure that it returned to profitability with an operating profit of 286.2 billion won last year. During the same period, revenue totaled 12.8638 trillion won, a 4.3% decrease from the previous year.
However, new orders increased by 95.5% year-on-year to 19.91 trillion won, surpassing 16.074 trillion won in new orders from 2022, marking the highest ever in the company's history.
Looking at the sales by business division, the building and housing business division decreased from 102.371 billion won last year to 95.109 billion won, a 7.1% drop, while the infrastructure business division increased from 11.041 billion won last year to 11.535 billion won, a 4.5% rise. The plant business division saw an increase from 30.04 billion won last year to 42.57 billion won, a 41.7% jump.
New orders included ▲ Building and Housing Business Division Busan Bugok District 2 redevelopment (643.9 billion won), Cheongnyangni District 6 redevelopment (86.9 billion won) ▲ Plant Business Division Saudi Arabia Padili gas expansion program package No. 2 (1.6039 trillion won), Northeast Asia LNG Hub Terminal Stage 1 project (587.9 billion won) ▲ Infrastructure Business Division Australia SRL East subway tunnel project (520.5 billion won).
In the fourth quarter of last year, revenue was 33.865 billion won, an 8.9% increase from the previous quarter, while operating profit was 4.05 billion won, a 50.5% decrease from the previous quarter. New orders amounted to 69.492 billion won, marking a 50.6% increase compared to the previous quarter.
GS Engineering and Construction presented a management goal for this year of 12.6 trillion won in revenue and 14.3 trillion won in new orders. GS Engineering and Construction noted that it would strengthen the fundamentals of the construction industry based on safety and quality, and enhance the robustness and stability of its business from a medium to long-term perspective through selection and concentration.