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4-Traders Homepage  >  Equities  >  KOREA EXCHANGE  >  Samsung Engineering Co Ltd    028050   KR7028050003

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KSA: Samsung Eng quits work on power plant project

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01/25/2017 | 05:34pm CET

South Korea's Samsung Engineering said it won't be completing the construction of a $3bn, 3,100-megawatt (MW) power and desalination plant in Saudi Arabia.

Samsung has stated that the client terminated the contract due to difference over the final construction terms.

In a statement, the company said it received a termination notice from state-owned, Saline Water Conversion Corporation on the engineering, procurement, and construction contract, South Korean publication, Pulsereported.

The Samsung-led consortium won the $3bn project in 2012 to build a power plant on the Red Sea coast in the Yanbu Industrial City.

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The development is part of the country's multistage project to desalinate and supply freshwater and power to the industrial city and residents of Yanbu and nearby region.

Samsung was the main constructor for the power plant, commanding half, or $1.5bn in lump-sum contract value.

At the time, the contract made up nearly 20% of the Korean construction company's annual sales, the report said.

The contract was initially due to be completed by 28 December, 2016, but pushed back to 25 August, 2017 upon agreement.

A company official said about 55% of the construction has been completed and claimed the contract termination won't hurt its bottom line because it has already been paid for the construction so far.

(c) 2017 2016 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( KRW)
Sales 2017 5 959 B
EBIT 2017 204 B
Net income 2017 148 B
Debt 2017 804 B
Yield 2017 -
P/E ratio 2017 18,33
P/E ratio 2018 14,81
EV / Sales 2017 0,53x
EV / Sales 2018 0,50x
Capitalization 2 381 400 M
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Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 11 471  KRW
Spread / Average Target -5,6%
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NameTitle
Jung-Heum Park President, Chief Executive Officer & Director
Eun-Gi Lee Managing Director & Head-Finance
Wan-Seon Shin Outside Director
Sang-Hoon Kim Outside Director
Ji-Jong Jang Outside Director
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