Doosan Bobcat Reports Q2 Revenue of 2.2184 Trillion Won... Highest Quarterly Operating Profit

Sales Increased by 73% and Operating Profit Grew by 121% Compared to the Same Period Last Year

[Asia Economy Reporter Oh Hyung-gil] Doosan Bobcat posted its highest quarterly sales and operating profit in the second quarter.

Doosan Bobcat announced on the 28th that its second-quarter sales reached 2.2184 trillion KRW, a 73% increase compared to the same period last year. Operating profit rose 121% to 309.5 billion KRW. The operating profit margin reached 14%.

The company explained that the effects of acquiring Doosan Industrial Vehicle, product price increases, partial easing of parts supply issues, efficient execution of marketing expenses, and the rise in the USD-KRW exchange rate contributed to the results.

The cumulative performance for the first half of the year showed sales of 3.8592 trillion KRW and operating profit of 503.9 billion KRW, growing 54% and 62% respectively compared to the same period last year.

Excluding Doosan Industrial Vehicle, Bobcat's own operating profit margin also reached a record high of 15% on a quarterly basis. Sales in the key North American market increased by 49% year-on-year, driving overall growth.

The operating profit margin of Doosan Industrial Vehicle, acquired last July, recorded 6.7% in the second quarter, up 4 percentage points from the previous quarter.

A Doosan Bobcat official stated, "Despite the economic slowdown, there is significant accumulated demand due to supply chain constraints, so solid performance is expected in the second half of the year."

Meanwhile, Doosan Bobcat held a board meeting on the same day and resolved to pay a quarterly dividend of 600 KRW per share.