Hyundai Doosan Infracore Expects to Surpass 5 Trillion Won in Sales This Year

Increase in Generator and Small Equipment Engine Sales
2023 Revenue Expected to Surpass 5 Trillion Won
"Focus on Improving Profitability"

[Asia Economy Reporter Park Sun-mi] HD Hyundai Construction Equipment division affiliate Hyundai Doosan Infracore announced on the 3rd that it recorded an operating profit of 332.5 billion KRW last year, marking a 26% growth compared to the previous year. This year, it also expects to surpass 5 trillion KRW in sales for the first time.

Hyundai Doosan Infracore's performance last year showed sales of 4.7561 trillion KRW and an operating profit of 332.5 billion KRW. Compared to 2021, sales increased by 3.5% and operating profit by 25.7%. The fourth quarter results were particularly strong, with sales rising 19.4% to 1.2368 trillion KRW and operating profit soaring 461.8% to 66.4 billion KRW.

Hyundai Doosan Infracore evaluated that the growth in performance was influenced by increased demand for construction equipment amid governments' expanded infrastructure investments worldwide in preparation for the post-COVID era. The strategy of raising sales prices and differentiating key product lines by region and product also proved effective.

The engine business showed remarkable progress as well. The engine division recorded an operating profit of 125.6 billion KRW, a 164.7% increase from the previous year, driven by rising demand for engines used in construction equipment, generators, and small industrial machinery. However, the construction equipment division saw a 4.7% decrease in operating profit due to rising raw material and logistics costs.

Hyundai Doosan Infracore expects to achieve even better results this year. It anticipates further expansion of infrastructure investments worldwide aimed at economic stimulus. The increasing demand for minerals and raw material mining is also a positive factor for this year's performance. The expected sales for this year are approximately 5.2 trillion KRW, with the company expecting to surpass 5 trillion KRW in sales for the first time.