Daedong Industrial Reports Operating Profit of 42.8 Billion KRW in H1... Strong Sales in North America

Sales of 492 Billion Won... Aggressive Marketing Proves Effective

Daedong Industrial Carrier Vehicle

[Asia Economy Reporter Kim Daeseop] Daedong Industrial announced on the 14th that it recorded an operating profit of 42.8 billion KRW in the first half of this year, a 27.4% increase compared to the same period last year.

Sales in the first half of this year reached 492 billion KRW on a consolidated financial statement basis, a 1% increase compared to the same period last year. Strengthening the cost-effective agricultural machinery business, growth in North American facility management tractors, and the growth of Daedong Metal, a subsidiary, in the automotive engine casting parts business drove the first half performance.

Daedong USA, the North American subsidiary, recorded sales of 199.9 billion KRW, about a 25% increase compared to the same period last year. Daedong Industrial detected growth in its core models of tractors under 60 horsepower, used for managing facilities such as farms and homes, as North American consumers spent more time at home due to the COVID-19 pandemic. Aggressive sales marketing was carried out to increase sales.

Daedong Metal, a subsidiary of Daedong Industrial, recorded sales and operating profit of 54.9 billion KRW and 2.3 billion KRW, respectively, in the first half of this year. This represents increases of 36.6% and 21.2% compared to the same period last year.

Won Yuhyun, CEO of Daedong Industrial, said, "The COVID-19 pandemic brought a new paradigm to the domestic and international agricultural machinery markets, and within this, we found opportunities and responded strategically and swiftly, achieving good results in the first half of this year. We will prepare for the post-COVID era in agriculture and agricultural machinery by creating future agriculture based on precision farming, and strive for sustainable growth and development."