Article information

Doosan Bobcat achieves record breaking performance in 2021 with US$5.082 billion in sales and US$520 million in operating profit

2022-02-09

Article Content

    - Doosan Bobcat posts US$1.497 billion and US$130 million in sales and operating profit, respectively, in Q4.
    - Company’s guidance presents sales growth of 24.1% for 2022.
    - Dividend payments will resume with 1,200 won per share, equivalent to a 2.98% dividend

In 2021, Doosan Bobcat recorded its highest ever performance since its establishment thanks to the increase in global demand for its compact equipment, the growth of its grounds maintenance equipment (GME) product line, and its acquisition of Doosan Industrial Vehicle.

On February 9, Doosan Bobcat announced that it had posted record highs of $5.082 billion in sales and $520 million in operating profit (a 10.2% operating margin) in 2021, based on its consolidated financial statements, achieving increases of 40.1% and 55.9%, respectively, compared to the previous year.

In the fourth quarter, the company’s sales jumped by 44.5% YoY to $1.497 billion while its operating profit grew by 13% to $130 million due to sales growth and price hikes followed by the ongoing economic recovery in developed markets.

Doosan Bobcat maintained its sales growth momentum in all regions last year.

In North America, its sales increased by 27.2% compared to the previous year thanks to an increase in market demand for its core products and consistently brisk sales of its GME products. In the EMEA (Europe, Middle East, and Africa) region, the company’s sales increased by 25.7% due to the economic recovery in major countries across the region. Its sales also grew by 31% year-over-year in the ALAO (Asia, Latin America, and Oceania) region driven by stimulus packages in Latin America and Oceania, in particular.

Doosan Bobcat announced that its sales are expected to grow by 24.1% in 2022 year-on-year thanks to solid demand for its compact equipment and the inclusion of Doosan Industrial Vehicle's full-year earnings from 2022, presenting $6.305 billion in sales and $566 million in operating profit as its guidance for the current year.

Doosan Bobcat held a board meeting on the same day and decided to pay a cash dividend of 1,200 won per common share, equivalent to a yield of 2.98%, with the total dividend payment amounting to KRW 120.3 billion, thereby resuming the dividend one year after suspending the payment for the fiscal year of 2020 amid the COVID-19 circumstances.