Daedong, Pioneering Future Agriculture by Focusing Beyond Industrial Documents... Record-Breaking Performance Last Year

Last Year Sales of 895.7 Billion KRW, Operating Profit of 33.1 Billion KRW Recorded
Company Name Confirmed as 'Daedong'... Full-Scale Launch of Future Businesses Including Smart Agricultural Machinery

[Asia Economy Reporter Kim Heeyoon] Agricultural machinery specialist company ‘Daedong Industrial’ is changing its name to ‘Daedong’ and embarking on a corporate image transformation.

Daedong announced on the 29th that it changed its name from Daedong Industrial to Daedong through the regular shareholders' meeting and began transforming its image into a future agriculture company.

According to Daedong, this name change was carried out to shed the image of a traditional manufacturing company and emphasize the image of a company leading future agriculture.

Taking its first step as a future agriculture company, Daedong plans to pursue future businesses more aggressively this year. It has set three core future agriculture businesses: ‘smart agricultural machinery’ such as autonomous agricultural machinery and agricultural robots, ‘smart mobility’ as new means of transportation and movement, and urban-type ‘smart farms’ operating unmanned automation based on precision farming solutions.

Last year, Daedong launched domestic autonomous agricultural machinery and focused on strengthening its North American market presence. In addition, through space innovation for communication and collaboration, building a creative organizational culture, and implementing ‘digital transformation’ to improve management systems, it achieved its best-ever performance.

Daedong recorded consolidated sales of 895.7 billion KRW and operating profit of 33.1 billion KRW last year, showing growth of 7.3% and 37.6% respectively compared to 834.4 billion KRW in sales and 24 billion KRW in operating profit in 2019. On an individual basis in 2020, sales reached 637.5 billion KRW and operating profit was 18.1 billion KRW.

Won Yoohyun, Daedong’s CEO, said, “Despite the COVID-19 pandemic situation last year, we were able to achieve our best performance and establish a vision for future agriculture. This year, as the inaugural year of future agriculture business, we will actively promote smart agricultural machinery, smart mobility, and smart farms to produce tangible results and firmly establish a foundation for growth as a future agriculture company.”

This content was produced with the assistance of AI translation services.