Ambitious Plan

Daewoo International's new headquarters in Songdo, South Korea.
Daewoo International's new headquarters in Songdo, South Korea.

 

DJeon Byung-il, president of Daewoo International.aewoo International announced on Feb. 26 that it will aim to achieve total sales of 40 trillion won (US$36.53 billion) and operating profits of 1 trillion won (US$913.24 million) by 2020. 

President Jeon Byung-il said, “With Daewoo International entering Songdo, let’s open the age of quarterly operating profits of 100 billion won (US$91.32 million), and achieve 40 trillion won (US$36.53 billion) in sales, 1 trillion won (US$913.24 million) in operating profits, and a 100,000 won (US$91.32) stock price by 2020.”

According to Daewoo International’s Vision 2020, the company will increase total sales to 30 trillion won (US$27.4 billion) by 2017 and to 40 trillion won (US$36.53 billion) by 2020. 

Daewoo International saw its sales of 20 trillion won (US$18.26) last year, recording an all-time high. The company is also planning to increase its operating profits to 600 billion won (US$547.95 million) by 2017 and to 1 trillion won (US$913.24 million) by 2020. Its operating profits were 350 billion won (US$319.63 million) last year.

In order to achieve the goal of its Vision 2020, Daewoo International decided to improve 4 business models. To do so, it will focus on 6 strategic businesses, including energy steel, independent power producer, automobile and parts, mineral resource, food resources, and oil and gas resources.   

Also, the company is planning to specialize in the existing trading business, strengthen abilities to develop projects in the infrastructure business, and expand its business through equity investment.

In the resource development business, Daewoo will focus on minerals, including oil and gas, and develop that to the largest scale in Korea. It is also planning to launch new businesses such as overseas real estate and distribution.

Copyright © BusinessKorea. Prohibited from unauthorized reproduction and redistribution