Daedong, H1 Operating Profit of 50.1 Billion Won "Best Half-Year Performance"

With Digital Transformation and Export Boom Driving Market Expansion
Smart Mobility Launch and Preparation for Smart Farm Business

Agricultural machinery company Daedong announced on the 17th that it recorded its highest performance in the first half of the year since its founding. The photo shows the Daedong tractor HX series. Photo by Daedong

[Asia Economy Reporter Kim Heeyoon] Daedong, the No.1 agricultural machinery company in Korea, recorded its highest performance in the first half of this year since its establishment.

On the 17th, Daedong announced that its operating profit for the first half reached 50.1 billion KRW, a 17.1% increase compared to the same period last year, and sales also rose by 29.1% to 635.2 billion KRW. The sales in the second quarter also marked the highest single-quarter performance. Operating profit and sales for the second quarter were recorded at 23.8 billion KRW and 338 billion KRW, respectively.

Daedong analyzed that the three key factors behind this achievement were large-scale, digital, and export. In line with the expansion of the large and advanced agricultural machinery market, Daedong launched the HX series, Korea’s first 130-140 horsepower autonomous tractors, in the first half of this year.

Additionally, Daedong is leading digital agriculture in Korea by introducing the 'Connect' service, a remote management and inspection system for agricultural machinery. Overseas, good results continued as well. In particular, sales of tractors and carriers in North America reached approximately 10,800 units on a retail basis, an increase of about 23.1% compared to the same period last year.

Continuing this momentum, Daedong plans to aggressively expand its market in the second half of the year. First, to dominate the domestic large agricultural machinery market, it is preparing to launch HX tractors in the 100-120 horsepower range and tractors with pivot autonomous driving functions. The Connect service will also be expanded to medium-sized tractors. Overseas, the company plans to strengthen brand power and expand its excellent dealer network by promoting Δsports marketing Δexhibition experience shows Δdealer competitions.

In particular, the smart mobility new plant, promoted at the group level, is scheduled to begin construction in the fourth quarter at the Daegu National Industrial Complex (Guji-myeon, Dalseong-gun, Daegu), with completion targeted for 2022.

Won Yoohyun, Daedong’s CEO, said, "In the second half, we will continue to strengthen new products, services, and sales activities for the existing agricultural machinery business, and steadily promote new growth engines such as smart mobility and smart farms to sustain growth."

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