Doosan Bobcat

Doosan Bobcat announced on the 8th that it recorded annual sales of KRW 8.6219 trillion (USD 6.674 billion) and operating profit of KRW 1.072 trillion (USD 829 million) based on consolidated financial statements last year. Increased by 48.2% and 80%, respectively (31% and 60% in dollar terms, respectively) from sales of KRW 5,816.2 billion (USD 5.082 billion) and operating profit of KRW 595.3 billion (USD 520 million) in 2021, the previous record high. Annual operating profit margin was 12.4%, up 2.2%p from the previous year.

Doosan Bobcat cited solid demand, steep growth of grounds maintenance equipment (GME), and full-year recognition of Doosan Industrial Vehicle which was acquired in July 2021 as the background for last year’s high performance.

In particular, the Doosan Bobcat business (excluding industrial vehicles) posted record sales last year, based on strong demand from major markets, with compact equipment and portable power grew by 20% and 24%, respectively, compared to the previous year (in dollar terms). Especially, GME grew by 51% in North America YoY and continued to grow at an average annual growth rate of 56% since 2019, when it first launched a compact tractor.

Industrial vehicle also had the best year since its foundation, reporting record revenue of 1.4 trillion won thanks to strong sales in the North American market, including increased volume of fleets to large rental companies. By region, the growth rate was 36% in North America, 13% in EMEA (Europe, Middle East, Africa), and 37% in ALAO (Asia, Latin America, Oceania).

In the fourth quarter of last year, sales increased by 35.3% to KRW 2,383.9 billion, and operating profit increased by 62.5% to KRW 250.8 billion. (Sales of USD 1,757 million, +17.4% YoY, and operating profit of 183 million, +40.2% YoY)

On this day, Doosan Bobcat presented sales of KRW 9,226.7 billion (USD 6.937 billion) and operating profit of KRW 897.6 billion (USD 675 million) as a guidance for 2023.

Meanwhile, Doosan Bobcat held a board meeting on the same day and decided to pay a final cash dividend of 750 won per common share. With the interim dividend of 600 won, the total annual dividend for the fiscal year of 2022 results in 1,350 won.