Raemian, the flagship brand of Samsung C&T’s construction division. (Image courtesy of Samsung C&T)
SEOUL, Sept. 20 (Korea Bizwire) – Samsung C&T Corp. and six other South Korean companies have ranked among the world’s top 100 builders based on their 2022 sales, Deloitte Korea said Wednesday.
Samsung C&T, the construction and trading arm of South Korea’s No. 1 conglomerate Samsung Group, placed 15th, down two notches from a year earlier, according to Deloitte Korea’s list of global powers of construction 2022.
The drop came as its market capitalization fell 10.4 percent in 2022 from a year earlier, despite an 11 percent rise in its top line.
Hyundai Engineering & Construction Co. (Hyundai E&C), the building arm of top automaking group Hyundai Motor Group, remained in 23rd place as its market value tumbled nearly 26 percent with sales rising 4.2 percent.
Samsung C&T and Hyundai E&C are the two leading construction companies in Asia’s fourth-largest economy.
Also included in the Deloitte Korea list are Doosan, GS Engineering & Construction Co., Daewoo Engineering & Construction Co., DL E&C Co. and HJ Shipbuilding & Construction Co.
Sales of those seven South Korean builders rose an average 8.3 percent on-year in 2022, but their market capitalization fell from 10.4 percent to 49.4 percent due to global interest rate hikes and increased uncertainty.
A total of 41 European firms have made the list, the largest by region, followed by Japan with 14, the United States with 13 and China with 11, with Chinese firms ranking from first to eighth.
The top 100 builders’ combined sales gained 6.3 percent on-year to $1.94 trillion in 2022, but their market value dipped 14.9 percent.
Deloitte Korea also forecast the global construction market to expand 1.9 percent in 2023 from a year earlier, compared with a 1.3 percent increase in 2022.
(Yonhap)
