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Ssangyong E&C reports 3 years of revenue growth following Global Sae-A Group acquisition

Published: 09 Feb. 2026, 19:17 Updated: 09 Feb. 2026, 19:45

KIM JU-YEON
[email protected]

Ssangyong Engineering & Construction's headquarters is seenin Songpa District, southern Seoul. [SSANGYONG ENGINEERING & CONSTRUCTION]

Ssangyong Engineering & Construction (E&C) said on Monday it posted three consecutive years of revenue and operating profit growth, supported by overseas project wins and an improved balance sheet following its acquisition by Global Sae-A Group in 2022.

The company said revenue rose to 1.83 trillion won ($1.25 billion) in 2025, up about 23.3 percent from 1.46 trillion won posted in 2024. Operating profit increased to 60 billion won, extending its return to profitability after posting an operating loss before 2023.

The company attributed the growth to an increase in higher-margin global projects and a steady stream of domestic work following its acquisition by Global Sae-A Group. The manufacturing conglomerate acquired Ssangyong E&C from the Investment Corporation of Dubai in 2022 through a share purchase agreement.

Ssangyong E&C's order backlog rose by nearly 50 percent to more than 9 trillion won in 2025 from 6.34 trillion won in 2022, the company said. Overseas orders climbed to about $650 million in 2025, up nearly eightfold from $121 million in 2022.

Recent overseas contract wins include a $250 million deal for the Avenue Park Towers project in Dubai with state-owned developer WASL, as well as a building project in Equatorial Guinea worth around 100 billion won.

Domestically, the company completed ASML's Hwaseong campus in Gyeonggi worth about 300 billion won last December and has also secured additional contracts, including the renovation of the exhibition hall at 63 Building in southern Seoul and the restoration of the Banyan Tree hotel in Busan. It plans to supply around 6,000 new apartment units nationwide this year.

Ssangyong E&C also pointed to balance sheet improvements supported by capital injections from its parent. Global Sae-A Group carried out a 150 billion won capital increase in 2023, while the company issued 50 billion won in hybrid securities in 2024.

Combined with a higher share of quality orders and tighter project management, the measures helped lower the debt ratio to around 150 percent after the 2025 fiscal year-end from 753 percent at the end of 2022, according to the company.

BY KIM JU-YEON [[email protected]]