Exports to 17 countries, including Wonkang, Egypt, and Saudi Arabia

pobina1113
Feb 1, 2024
2 min read

Revenue Growth Of 40% In 2023

◇ Kang Tae-young, CEO of Wonkang Co., Ltd. (left) and YUJIN Construction Machinery CEO Lee Young-jong (right) are taking a photo with a local construction company in Jeddah, Saudi Arabia. Supplied = Wongang Co., Ltd.

[Land Daily News, Reporter Lee Kyung-ok] Wonkang Corporation, led by CEO Kang Tae-young, achieved a 40% revenue growth in 2023 compared to 2022 and aims for even greater expansion this year.

Exporting to 17 countries including Egypt, Saudi Arabia, Turkey, Israel, and India, Wonkang was honored with the 'Top Exporter' award from the trade association in December 2023.

Wonkang recently secured a significant volume of exports by winning a contract for 'The Octagon,' one of the Neom City projects in Saudi Arabia. The company is collaborating with numerous construction firms within Saudi Arabia, conducting inspections and meetings for successful project execution in Jeddah in December 2023.

The Neom City project is a large-scale initiative set to transform the future of Saudi Arabia, and Wonkang aims to strengthen its capabilities and global positioning through participation in this project.

However, the company is currently facing logistical challenges due to recent Houthi rebel attacks, making transportation to Jeddah Port difficult. The logistics costs have increased by about three times, significantly impacting the company's profitability.

In efforts to overcome these challenges, Wonkang is exploring new export markets, collaborating with various logistics companies and the Busan Economic Promotion Agency to reduce logistics costs, and actively seeking alternative routes.

CEO Kang Tae-young stated, "In 2024, Wonkang will strive for continuous growth and development. Through this, we will provide customers with better products and services, creating more job opportunities." He expressed his ambition to enhance the company's capabilities and solidify its position in the global market by successfully executing the Neom City project in Saudi Arabia.

Founded by Chairman Kang Nak-jun in 1973, Wonkang Corporation was established in 2021 to produce and export global-standard and quality products for competition with global companies. To achieve this, CEO Kang Tae-young, who has years of experience in international sales and marketing with overseas companies, was appointed.

Source: Land Daily News (http://www.ikld.kr)

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