Daedong Achieves 1 Trillion KRW in Sales for 3 Consecutive Years by Enhancing Future Business Competitiveness

2023 Sales of 1.4333 Trillion KRW
Operating Profit of 65.4 Billion KRW

Daedong, a future agriculture platform company, has achieved sales of 1 trillion won for three consecutive years. Daedong announced on the 29th that its consolidated sales and operating profit for 2023 recorded 1.4333 trillion won and 65.4 billion won, respectively, down approximately 2.1% and 25.9% compared to the same period last year.

Due to the global economic recession, prolonged high interest rates, and increased agricultural production costs, major domestic and international agricultural machinery markets shrank last year. In fact, the domestic agricultural machinery market size decreased by about 21% compared to the previous year, and the North American tractor market under 100 horsepower shrank by about 11%.

Daedong explained that since 2020, it has been promoting a ‘digital transformation’ for future business and was able to achieve consolidated sales exceeding 1 trillion won through a newly established management system and organizational capabilities that respond flexibly and strategically.

This year, Daedong plans to focus on products and services to become a future agriculture company, such as robotics, autonomous agricultural machinery, and agricultural solutions & platforms. Along with this, it aims to strengthen its dominance in overseas markets and maximize management efficiency and business profitability, emphasizing quantitative and qualitative growth through innovation in existing businesses. To this end, it plans to focus its management activities on realizing future businesses and accelerating business innovation this year.

Won Yuhyun, CEO of Daedong, said, “Since 2020, Daedong has prepared and invested in the ‘transformation of business’ as a future agriculture company, so despite difficult conditions, we were able to achieve sales of 1 trillion won for three consecutive years and take a step forward as a future agriculture company. We will create the fruits of sustainable growth through Daedong’s future business amid the economic and social great transformation triggered by the convergence of the two major platforms, AI and robotics,” he said.