TYM Achieves Best First Half Performance Driven by Export Growth... "Sales Nearing 1 Trillion Won"

First Half Sales of 690.7 Billion KRW and Operating Profit of 93 Billion KRW
Impact of Increased Overseas Exports, High Exchange Rates, and Reduced Raw Material Burdens
Expansion of Production Facility in Georgia, USA... "Agricultural Machinery Production Increased by 50,000 Units"

[Asia Economy Reporter Kwak Minjae] Domestic agricultural machinery company TYM announced on the 2nd that it recorded its highest-ever performance since its establishment, with sales of 690.7 billion KRW and operating profit of 93 billion KRW in the first half of this year.

According to TYM, second-quarter sales amounted to 390.2 billion KRW, a 58.2% increase compared to the same period last year. Operating profit rose 134.1% to 56.7 billion KRW, and net profit reached 85.7 billion KRW.

The record-breaking quarterly performance is attributed to increased overseas exports and a high exchange rate. TYM's overseas exports in the first half of the year totaled 412.1 billion KRW, a 47.1% increase compared to the same period last year. The increase in the number of overseas dealer outlets was the driving force behind the growth in exports. A TYM official explained, “The number of North American dealer outlets increased from 290 in the first half of last year to 318 in the first half of this year, diversifying sales channels and expanding sales regions, which led to a surge in pre-order volumes.”

The won/dollar exchange rate in the first half of this year was 1,232 KRW, a 10.3% increase compared to the same period last year, reflecting a foreign exchange-related net gain of 16 billion KRW. The company also explained that raising the selling prices of some products helped reduce the burden of raw material procurement costs, and the increase in production volume lowered fixed costs per unit, which had a positive effect.

Building on this growth momentum, TYM plans to further expand its overseas market share in the second half of the year. It is currently investing a total of 20 million USD in a production facility in Georgia, USA, scheduled for completion in the second half of 2023. TYM expects that once the local production facility is expanded, agricultural machinery production will increase from the current 30,000 units to a maximum of 50,000 units.

A TYM official said, “Having achieved first place in the tractor category for three consecutive years in the North American Dealer Satisfaction Survey (EDA) conducted last June, we expect exports to North America, the world's largest market, to increase further,” adding, “After completing the integration process with International Comprehensive Machinery in July, sales synergies are emerging domestically and overseas under a unified brand, which will serve as a new momentum for future performance.”

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