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Hyundai E&C just bagged a major project in Peru, and it will give the company an earning worth $139 million or KRW158.2 billion. The South Korean company revealed the huge order it received on Sunday, March 14.
The multi-million project
As per Yonhap News Agency, the order from Hyundai Engineering & Construction Co. is related to the site preparation work for Peru’s soon-to-rise airport that will be called the Chinchero International Airport. It will be built in Cusco. The Peruvian administration wants the new runway to become the new doorway for tourists visiting the famous ruins of Machu Picchu.
The new airport is set to replace the Alejandro Velasco Astete International Airport that is currently still in operation. In any case, Hyundai E&C did not easily win this Peru project as it also fought with other prominent companies from China, Portugal, and Spain.
At any rate, it was learned that Hyundai E&C also formed a partnership with the local builder HV Constrastistas. Probably, this joint venture played a part in the decision to award the project to Hyundai.
Additional orders and other Hyundai deals
The airport is not the only project that Hyundai E&C eyeing, as it is also hoping to get the terminal and actual airport construction that is worth KRW440 billion. These orders are expected to come in the future after the site preparation is completed.
Prior to bagging the contract with Peru, the company is also working for a deal in Saudi Arabia that it was able to secure earlier this year. This order is worth KRW81.8 billion, and Hyundai has been contracted to construct a power station there.
Moreover, Hyundai E&C had also secured a total of $292 million worth of projects in Doha, Qatar, before 2020 ended. The Korean builder will construct a hospital and storage facility in Al Rakhiya.
The latter project was priced at $210 million, and the deal was signed with Qatar's Public Works Authority. The facility is expected to be completed in 2023. On the other hand, the hospital is a separate project worth $82 million, and this is to build a 272-bed hospital in Doha for the Hamad Medical Corp.
Finally, Business Korea previously reported that Hyundai E&C’s shares had bounced back in the fourth quarter of 2020.
Then again, it was revealed that despite the continuous influx of orders from overseas clients, the overall stock performance is still bleak compared to other major companies. This is because Hyundai’s projects still have to improve profit margins and recover from the earlier effects of the pandemic before it can truly gain good revenues.
