Doosan Bobcat

Doosan Bobcat achieved an operating profit margin of 14% in the second quarter with the sales of KRW 2.2184 trillion and the operating profit of KRW 309.5 billion. Both sales and operating profit recorded the highest quarterly results thanks to the acquisition of the Doosan Industrial Vehicle, product price hikes, partial easing of supply chain issues, and efficient execution of marketing expenses. Combined with the effect of an increase in the KRW/USD exchange rate, sales and operating profit jumped by 73% and 121% YoY, respectively.
※ Base exchange rates (per USD): KRW 1,121.23 in the 2Q 2021 and KRW 1,259.57 in the 2Q 2022

Cumulative performance in the first half was KRW 3.8592 trillion in sales and KRW 503.9 billion in operating profit, up 54% and 62%, respectively, from the same period last year.

In terms of the US dollar, which is Doosan Bobcat's functional currency, sales rose to $1.768 billion (up 55% YoY) and operating profit reached $247 million (up 98% YoY) during the 2Q.

Excluding Doosan Industrial Vehicle, Doosan Bobcat's own operating profit margin was 15%, the highest on a quarterly basis. Sales in North America, its major market, increased 49% YoY, driving the company’s overall sales growth.

Doosan Industrial Vehicle, which was incorporated as a subsidiary in July of last year, recorded an operating profit margin of 6.7% in the 2Q, up 4 percentage points QoQ.

An official from Doosan Bobcat said, "Despite the slowdown in economic indicators, we expect solid earnings in the second half as the accumulated pent-up demand due to supply chain constraints is substantial."

Meanwhile, Doosan Bobcat’s board of directors held the board meeting on July 28th and decided to pay an interim dividend of KRW 600 per share.