Doosan Bobcat

Doosan Bobcat announced its business results (provisional) for 3Q 2021 on October 29, stating that it had recorded sales of US$1.341 billion, a year-on-year increase of 47.0% thanks to the global economic recovery and its incorporation of Doosan Industrial Vehicle.

After recording the highest quarterly sales in ten years in the 1Q of 2021, Doosan Bobcat recorded sales growth of 4.1% and 17.1% quarter-on-quarter, respectively, breaking its quarterly sales record for three quarters in a row.

Doosan Bobcat’s operating profit in the 3Q was US$ 111 million, a rise of 19.3% year-on-year. Its operating profit margin was 8.3%, down 1.9%p from the same period last year, due to the impact of rising material and logistics costs.

The company’s sales amounted to US$3.585 billion YTD, while its operating profit during the same period was US$390 million, accounting for 99% of the total annual sales and 117% of the total annual operating profit recorded in 2020.

Doosan Bobcat (excluding Doosan Industrial Vehicle) achieved stable growth across the world in the third quarter of 2021.

In North America, the company’s sales grew by 23.1% YoY thanks to the economic recovery and brisk sales of GME products (agricultural and landscaping equipment). As the economic recovery continued despite the difficulties caused by supply chain bottlenecks, sales of the company’s loaders and mini excavators increased by 30.2%, while GME sales grew by 32.8%.

In the EMEA (Europe, Middle East, Africa) region, Doosan Bobcat achieved a growth rate of 17% YoY thanks to its various sales activities on top of the base effect. Meanwhile, in the ALAO (Asia, Latin America, Oceania) region, Doosan Bobcat grew by 26.2% during the same period, driven by the increased demand in Oceania and Latin America resulting from the implementation of stimulus packages.

As for Doosan Industrial Vehicle, which was incorporated as a subsidiary of Doosan Bobcat in July 2021, it recorded sales of KRW 225.8 billion in the third quarter, with strong sales in major markets such as North America and Europe, as well as the Korean market, where it holds the largest market share in the country. Notably, the company’s share of the North American market for engine-powered forklifts, which stood at 6% in 2019, exceeded 11% as of the third quarter of this year.