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Hanmi Global posts record earnings for H1

By Mun So-jeong

Published : Aug. 14, 2023 - 14:44

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Hanmi Global's corporate logo (Hanmi Global) Hanmi Global's corporate logo (Hanmi Global)

Hanmi Global said Monday that it posted 205.6 billion won ($154 million) in sales and 13.7 billion won in operating profits in the first half of this year, both record figures for the Korean construction management firm.

Compared to a year ago, sales and operating profits surged 25.6 percent and 21.5 percent, respectively.

Net profits also jumped 45.8 percent to 12.1 billion won during the same period.

The company attributed its upbeat earnings to its global expansion despite a market slowdown at home.

In the first six months, global sales alone soared 56 percent from the previous year.

The company secured several large-scale projects, including the Neom City project in Saudi Arabia, SeAH Steel’s monopile factory in the UK, KT&G’s tobacco manufacturing plants in Indonesia and the Star Lake City development project in Vietnam.

Its US unit Otak, in particular, drove up the company’s overall sales. It posted 49.6 billion won in sales, up 8.4 percent from a year ago.

The US market makes up almost a quarter of its earnings. The US government’s push to boost local manufacturing offers a boon for its expansion as it specializes in managing high-tech plants for semiconductors and batteries.

“While continuing the latest momentum in our global sales, we aim to elevate sales at home in the latter half of this year, especially in the new fields of data centers and city redevelopment projects,” a Hanmi official said.