Daewoo Engineering & Construction said April 28 it posted sharply higher profitability in the first quarter of 2026, even as revenue slipped.
On a consolidated basis, revenue totaled 1.9514 trillion won, operating profit was 255.6 billion won and net profit came to 195.8 billion won.
Revenue fell 6.0% from 2.0767 trillion won a year earlier. By segment, building construction contributed 1.2732 trillion won, civil engineering 350.6 billion won, plant 284.0 billion won and other businesses 43.6 billion won.
Operating profit rose 68.9% from 151.3 billion won, while net profit climbed from 58.0 billion won to 195.8 billion won. The company said revenue was broadly in line with market expectations, but profit indicators exceeded forecasts.
Daewoo E&C attributed the improvement mainly to better margins in its building business as projects launched during a period of rising costs gradually near completion. It said uncertainty persists, including risks in the Middle East, but it will continue pursuing its targets through tighter management.
New orders increased to 3.4212 trillion won from 2.8238 trillion won a year earlier, led largely by domestic projects including the Busan Sajik District 4 redevelopment, Cheonan Upseong 3 A1BL and the Seoul Jangwi District 10 redevelopment. Its urban renewal order backlog stood at 2.3629 trillion won.
Total order backlog at the end of the first quarter was 51.8902 trillion won, which the company said equals about 6.4 years of work based on annual revenue.
A company official said Daewoo E&C plans to expand its share of energy infrastructure projects such as nuclear power and LNG, while broadening its portfolio through overseas urban development, data centers and urban renewal. The official said the company will also focus on securing large projects including the Czech nuclear power plant, site preparation for the new Gadeokdo airport, the Al Faw port naval base in Iraq and LNG facilities in Papua New Guinea.
* This article has been translated by AI.
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