Daedong Records Cumulative Sales of 893.2 Billion KRW in Q3... Up 30.1% YoY

Largest Quarterly Performance Since Establishment... Nearing Last Year's Annual Sales
Strong Domestic and Overseas Market Impact "Will Focus on Smart Mobility"

Agricultural machinery company Daedong recorded its highest third-quarter performance since its founding through expanded export achievements. The photo shows tractors being manufactured at Daedong's Daegu factory. Photo by Daedong

[Asia Economy Reporter Kim Heeyoon] Agricultural machinery company Daedong recorded its highest third-quarter performance since its founding through expanded export achievements.

On the 15th, Daedong announced that its consolidated operating profit for the third quarter of this year reached 7.3 billion KRW, a 26% increase compared to the same period last year. Sales during the same period rose 32.6% to 258 billion KRW. Daedong posted cumulative sales of 893.2 billion KRW and operating profit of 57.4 billion KRW through the third quarter of this year. This figure is close to last year's full-year sales of 895.7 billion KRW.

The agricultural machinery market typically shrinks in the second half of the year due to seasonal characteristics, leading to decreased sales. However, this year, strong performance continued in both domestic and overseas markets. Daedong's tractor sales in the domestic market totaled 7,767 units through the third quarter, an 8.1% increase compared to the same period last year. In the North American market, sales of tractors under 100 horsepower reached a total of 247,000 units, marking a 13% increase from last year.

Daedong attributed its strong third-quarter results to sustained market growth, efforts to improve management efficiency through digital transformation (DT), flexible country-specific market strategies, and expansion of key export countries.

By the end of the year, Daedong plans to launch the high-end large tractor HX models in the 100-120 horsepower range and a small construction equipment “Skid Loader” targeting livestock farms.

Earlier, Daedong participated in the Georgia Sunbelt AG EXPO and the Louisville Green Industry & Equipment Expo in October, unveiling new products including tractors, skid loaders, and multipurpose carriers. In November, Daedong held the “Kioti Dealer” conference in North America to share its vision and business plans and announce new products to Kioti dealers worldwide.

Won Yoohyun, Daedong’s CEO, said, “Despite the COVID-19 pandemic, Daedong has written a growth story achieving record performance through digital innovation (DT), clear market strategies, and flexible and swift responses. Next year, we will introduce a higher-level autonomous tractor in smart agricultural machinery, and once smart mobility is mass-produced, we expect to achieve even greater leaps.”

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