Daedong, Accumulated Sales of 1.1769 Trillion KRW and Operating Profit of 82.8 Billion KRW in Q3 This Year
Cumulative Sales and Operating Profit Grow for 3 Consecutive Years
Daedong (Representatives Kim Junsik and Won Yuhyun) announced on the 15th that, on a consolidated basis, its cumulative sales and operating profit for the third quarter of this year increased by 3.5% and 2.6% respectively compared to the same period last year, recording 1,176.9 billion KRW and 82.8 billion KRW. The growth trend has been maintained, with cumulative third-quarter performance growing for three consecutive years from 2020 to this year.
Looking at the third quarter alone, consolidated sales and operating profit increased by 5.8% and 50% respectively compared to the same period last year, reaching 341.2 billion KRW and 19.5 billion KRW. Despite the global high interest rate environment and economic recession, Daedong focused on strengthening North American promotions, expanding product sales, concentrating on key countries, enhancing sales of medium-to-large agricultural machinery, and improving costs such as transportation expenses in the second half to increase sales and profitability.
Daedong plans to actively supply AI autonomous agricultural machinery and platform-based precision farming services for paddy rice, the representative crop of open-field farming, to promote the 'smartization of paddy farming' next year. Overseas, it will expand export countries to Europe, Australia, and Africa, and continue to shift its main sales models from small and medium-sized tractors to medium and large-sized tractors.
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Won Yuhyun, CEO of Daedong, said, "Despite challenging management conditions in the third quarter, we continued our growth trend through structural improvements in existing businesses and strategic market responses, and will continue to focus on solid growth going forward." He added, "We will prepare for rapid entry of future business contents such as autonomous agricultural machinery, precision farming platforms, and agricultural robots into domestic and overseas target markets next year to secure mid- to long-term growth momentum."
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