Daedong Achieves Record High Performance for 2 Consecutive Years... Realizing Future Business This Year

Last Year Sales of 1.4637 Trillion KRW, Operating Profit of 84.9 Billion KRW

[Asia Economy Reporter Kim Cheol-hyun] Daedong (CEO Kim Junsik and Won Yoohyun) announced on the 16th that its consolidated results for last year showed sales of 1.4637 trillion KRW and operating profit of 84.9 billion KRW. Compared to 2021, when it first joined the '1 trillion club' since its founding, sales and operating profit increased by approximately 24% and 122%, respectively.

Since 2020, Daedong has been implementing a mid- to long-term strategy to transform into an 'Agtech & Mobility Platform Group' based on three future businesses: smart agricultural machinery, farms, and mobility. Despite uncertain economic conditions last year, the company pursued organizational restructuring and management efficiency improvement, enhanced brand value through product competitiveness and lineup strengthening, and reduced raw material costs through supply chain diversification and exchange rate linkage. Daedong explained that it achieved record performance due to increased agricultural machinery exports and favorable exchange rate effects.

Daedong plans to maximize profits and sales by growing its core business of smart agricultural machinery while maintaining its mid- to long-term strategic direction this year. It will expand domestic and overseas sales of large agricultural machinery with the HX Tractor, which adopts three-stage autonomous driving including straight driving, turning, and automatic implement operation. Investments for future businesses will also be continuously strengthened. The company is accelerating future business initiatives by completing the 'S-Factory' in Daegu, dedicated to producing smart mobility. This year, the newly established AI Platform Business Division and Future Technology Office will secure growth recipes for functional crop varieties, finalize the establishment of a growth solution business model, and produce a level 4 autonomous tractor for demonstration field tests. Development of three types of robots will also be intensified.

Won Yoohyun, CEO of Daedong, said, "Over the past three years, we have enhanced corporate competitiveness by innovating from an agricultural machinery company to a future agriculture company and built business models and competitiveness to transition into an agtech and mobility platform company. Starting this year, we will introduce future businesses such as autonomous operation agricultural machinery, smart farming solutions, and electric scooters one by one to create Daedong’s unique success story and further increase corporate value."