Doosan Bobcat's 2024 Operating Profit Down 21% Year-on-Year...Hit by Market Downturn and Tariffs

Doosan Bobcat posted somewhat sluggish results last year due to the construction market downturn and tariff-related uncertainties.

Doosan Bobcat announced on the 11th that, on a consolidated basis, its operating profit last year was tentatively estimated at 686.1 billion won, down 21% from the previous year. During the same period, revenue came in at 8.7919 trillion won, up 3% year-on-year.

Doosan Bobcat Corporate Identity.

Looking at revenue by region in dollar terms, the North American market declined 3% year-on-year due to weaker demand stemming from tariff uncertainties. Asia, Latin America, and Oceania (ALAO) fell 13% as a result of weaker domestic demand, while Europe, the Middle East, and Africa (EMEA) increased 1%, effectively remaining at the previous year's level.

By product category, sales of compact equipment and industrial vehicles decreased by 2% and 9%, respectively, while portable power posted modest growth of 1%.

At the end of last year, net cash stood at 353 million dollars, marking the fifth consecutive quarter of a net cash position, and the debt ratio was 70.8%.

Meanwhile, the board of directors of Doosan Bobcat resolved on this day to pay a year-end dividend of 500 won per share. The total annual dividend and shareholder return ratio for last year were set at 1,700 won and 40.4%, respectively. Doosan Bobcat explained that, despite the market slowdown, it increased the dividend to a record high and fulfilled its commitment announced in last year's corporate value enhancement plan to provide a "minimum dividend of 1,600 won and a shareholder return ratio of 40% of consolidated net income."

For its full-year outlook for this year, Doosan Bobcat projected revenue of 6.45 billion dollars, up 4.3% from the previous year, and operating profit of 482 million dollars, remaining at a similar level to last year.

A Doosan Bobcat official said, "Although we expect demand in major markets to decline slightly, we will seek to increase sales by replenishing dealer inventories and expanding our market share."

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