"Consolidated sales & operating profit of Q3 32.6% year-on-year, up 26%"
Daedong achieved KRW 893.2 billion in cumulative sales in the third quarter, nearing the total sales of 2020.
- Recorded the highest third-quarter sales in the history of Daedong (KRW 258 billion) with an operating profit of KRW 7.3 billion despite the off-season.
- Accumulated sales and operating profit in the third quarter of KRW 893.2 billion and KRW 57.4 billion, an increase of 30.1% and 18.1% year-on-year respectively.
- Strengthening sales marketing activities both domestic and overseas from the second half of the year in preparation for ‘With COVID’with high expectations for Q4's performance.
Daedong's cumulative sales in the third quarter of 2021 reached the total sales of 2020, taking one step closer to achieving the all-time yearly performance.
Daedong (CEO Kim Jun-sik and Won Yu-hyun), Korea’s No. 1 agricultural machinery company leading future agriculture, announced on November 15 that its cumulative sales and operating profit rose by 30.1% and 18.1% year-on-year to KRW 893.2 billion and KRW 57.4 billion respectively. This is close to the KRW 895.7 billion consolidated annual sales for 2020.
In terms of the consolidated sales and operating profit of the third quarter, Daedong achieved KRW 258 billion and KRW 7.3 billion, an increase of 32.6% and 26% from the previous year respectively. This is the largest third-quarter performance since the foundation of the company. The agricultural machinery industry is seasonal, so the market is smaller in the second half of the year and sales also decrease. This year, amid continuous growth in domestic and overseas markets, improved management efficiency through digital transformation (DT), flexible country-specific market strategies, and the expansion of major exporting countries seem to have achieved good performance in the third quarter.
The size of the domestic and the North American tractor markets based on the number of sales up to the third quarter grew by approximately 8.1% and 13% year on year. A total of 7,767 tractors were sold in Korea based on Nonghyup financial loans, and a total of 247,000 tractors of less than 100 horsepower, which is the main focus product of Daedong, were sold in North America. Daedong expects the agricultural machinery market to continue to grow even in the era of ‘With COVID’, and anticipates good results to continue into the fourth quarter as sales marketing have been significantly strengthened from the second half of the year.