Hyundai Engineering & Construction (A000720) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 rose 20.8% year-over-year to KRW 25.4 trillion, achieving 85.6% of the annual target.

• New orders reached KRW 22.3 trillion, representing 76.8% of the yearly target.

• Backlog at the end of 3Q24 stood at KRW 86.6 trillion.

Financial highlights

• Operating profit for 9M24 declined 20.0% year-over-year to KRW 513 billion.

• Net profit for 9M24 dropped 27.5% year-over-year to KRW 394.6 billion.

• Gross profit margin decreased by 1.3 percentage points to 4.8% for 9M24.

• 3Q24 quarterly net profit fell 77.9% year-over-year to KRW 40.1 billion.

• SG&A expenses increased 9.0% year-over-year for 9M24.

Outlook and guidance

• Revenue and new orders are tracking ahead of annual targets, with 85.6% and 76.8% achieved, respectively, by the end of 3Q24.