SEOUL-- Hyundai Engineering & Construction Co., a major South Korean builder, said Wednesday that its net profit more than doubled in 2021 from a year earlier on the back of increased orders.

Net profit reached 549 billion won (US$458 million) last year, compared with a net profit of 227 billion won a year earlier, the company said in a regulatory filing.

Operating income rose 37.3 percent on-year to 754 billion won last year, and sales also jumped 6.5 percent on-year to 18.07 trillion won, it said.

Hyundai E&C attributed the improved earnings to progress in major offshore construction projects and a boom in the local housing market.

The builder's new orders rose 11.5 percent on-year to 30.27 trillion won last year, exceeding its order target of 25.4 trillion won.

Its accumulated orders rose 20.7 percent to 78.76 trillion won in 2021, which will keep the builder busy for four years.

The construction company aims to earn 28.37 trillion won worth of new orders this year and 19.7 trillion won in sales

Source: Yonhap News Agency