'Record High Performance' Doosan Bobcat, Last Year's Operating Profit 595.3 Billion KRW... Up 51.2%

Sales of 5.8162 trillion KRW, up 35.8% YoY
Growth driven by increased demand for compact equipment and GME product line expansion

[Asia Economy Reporter Lee Hyeyoung] Doosan Bobcat recorded its highest-ever sales and operating profit last year. The increase in global demand for compact equipment, growth in the agricultural and landscaping equipment (GME) product line, and the acquisition of Doosan Industrial Vehicle drove the performance.

Doosan Bobcat announced on the 9th that its consolidated operating profit for last year reached 595.3 billion KRW, a 51.2% increase compared to the previous year. Sales amounted to 5.8162 trillion KRW, up 35.8% year-on-year.

Fourth-quarter sales rose 50.7% year-on-year to 1.7615 trillion KRW, and operating profit increased 17.4% to 154.3 billion KRW. The increase in volume due to economic recovery in advanced markets and the effect of price hikes were key factors.

In Doosan Bobcat’s functional currency, the US dollar, annual sales were 5.082 billion USD, and operating profit was 520 million USD. Fourth-quarter sales were 1.497 billion USD, and operating profit was 130 million USD.

Doosan Bobcat achieved sales growth in all regions last year. In North America, sales grew 27.2% year-on-year due to increased market demand for core products and strong performance of GME products. In Europe, the Middle East, and Africa (EMEA), sales increased 25.7% year-on-year due to economic recovery in major countries. Sales in Asia, Latin America, and Oceania (ALAO) also grew 31% year-on-year, supported by economic stimulus measures.

Doosan Bobcat expects its performance this year to grow 24.1% compared to last year, driven by steady demand for compact equipment and the full-year reflection of Doosan Industrial Vehicle’s results. The target figures for this year are sales of 6.305 billion USD and operating profit of 566 million USD.

Meanwhile, Doosan Bobcat will resume dividends after a one-year hiatus due to the COVID-19 situation during the 2020 fiscal year. On the same day, Doosan Bobcat held a board meeting and resolved to pay a cash dividend of 1,200 KRW per common share. The dividend yield is 2.98%, and the total dividend amount is 120.3 billion KRW.

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