Samsung C&T eyes Middle East and other key markets for growth

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Korea-based Samsung Construction and & Technology (C&T) said its engineering and construction division enjoyed a “stable” second quarter of 2023, with double-digit increases in revenue on profit on the previous year.

Revenue in the division was KRW 4.75 trillion (US$3.7 billion), while operating profit was KRW 305 billion ($238.9 million).

Against the same quarter a year before, revenue rose by 41.4% while operating profit increased by 96.8%.

Compared to the first quarter of 2023, revenue was up by 3.3%, while operating profit rose by 4.5%.

Samsung C&T said it had won large-scale projects at home and aboard, including a multi-development project in Taiwan, a semiconductor factory in the US, and housing projects.

The company also made progress in global airport and LNG development and generated revenue from new EPC projects abroad, it said.

In a statement, Samsung C&T also indicated that it was eyeing more growth in the Middle East in the second half of the year.

“The company will build on its robust profit base to win orders for further building projects as well as projects in key markets such as the Middle East in the second half of the year,” it said.