Lee Han-woo, representative of Hyundai E&C, presented management goals of 31.1 trillion won in orders, 30.4 trillion won in sales, and 1.2 trillion won in operating profit for this year.
Representative Lee said during his opening remarks at the general shareholders’ meeting held at Hyundai E&C's headquarters in the Gye-dong area of Seoul on the 20th, “The management policy for this year has been set to restore competitiveness through structural improvement, establish a foundation for sustainable growth through the development of innovative products and technologies, and fulfill corporate social responsibilities while creating value.”
Lee anticipated that operating profit would turn to black this year. He noted, “Based on a stable financial structure, I will do my utmost to strengthen the fundamentals and normalize revenue this year.”
Hyundai E&C recorded an operating loss of 1.22 trillion won in 2024, turning to a deficit compared to the operating profit of 785.4 billion won the previous year.
Last year, Hyundai E&C's assets amounted to 27.053 trillion won, liabilities were 17.3359 trillion won, and equity stood at 9.6694 trillion won. Through major domestic and overseas projects such as the Jafurah package 2 in Saudi Arabia, Riyadh-Kudmi transmission project in Saudi Arabia, and the Daerang-Hongdae metropolitan railway private investment project, Hyundai E&C secured orders worth 30.5281 trillion won last year.
Representative Lee explained that, “I caused considerable concern due to results that did not meet expectations,” but added, “The reason I did not feel disheartened or discouraged despite the unprecedented poor performance is that, except for profits, the remaining sectors continued to show solid growth even under last year’s harsh market conditions.”
Hyundai E&C plans to restructure its portfolio this year, focusing on strategic investment projects and high-return products, while expanding high-value and low-competition businesses through collaborations with global leading companies. Along with this, the company aims to enhance profitability by establishing a stable portfolio centered on urban renewal and starting large-scale investment and development projects.
At the general shareholders’ meeting held on this day, Hyundai E&C passed a total of five agenda items including: ▲ Approval of the 75th financial statements ▲ Change of articles of incorporation (addition of hydrogen energy business purpose) ▲ Appointment of internal director Hwang Jun-ha and external director Jeong Mun-ki as directors ▲ Appointment of Commissioner Jeong Mun-ki as an audit committee member ▲ Approval of the annual director's compensation limit of 5 billion won, the same as the previous year.
Hyundai E&C allocated 67.5 billion won for shareholder dividends. It was decided to pay 600 won per common share and 650 won per preferred share.
Hyundai E&C's management expressed its intention to enhance shareholder value and responsibility through its own stock buyback. Hyundai E&C executives have initiated stock buybacks since the earnings announcement in January this year. As of that day, 80 out of 93% of the total executives of Hyundai E&C (including external directors) held 46,710 shares of their own stock.
A Hyundai E&C official said, “Since the announcement of management results in January of this year, the CEO and management have empathized with the significant responsibility of management and voluntarily participated in the stock buyback based on confidence in future growth drivers,” adding that, “We will do our best to increase shareholder value through recovery of competitiveness and normalization of revenue through structural improvement.”