Doosan Bobcat

On July 26, Doosan Bobcat announced that it recorded KRW 2,672.1 billion (USD 2.035 billion) in sales and KRW 466.5 billion (USD 356 million) in operating profit in the second quarter. Sales and operating profit increased by 20.5% and 50.7% year-over-year, respectively, thanks to the increase in volume across all product lines, and the operating profit margin increased by 3.5%p from the previous year’s 14.0% to 17.5%.

The increase in operating profit was remarkable as one-off profits of about KRW 67 billion (USD 52 million) were generated due to the adjustment of the retirement pension of the US. But even excluding the amount, operating profit grew 29% year-over-year and operating profit ratio was 14.9%.

Net profit more than doubled year-over-year to KRW 308 billion won (USD 235 million) due to increased operating profit. Net debt at the end of the second quarter fell KRW 594.6 billion (USD 453 million) from the end of the previous year to KRW 87.6 billion (USD 67 million) by steadily reducing borrowing based on strong performance.

The cumulative performance for the first half of the year was KRW 5,077.2 billion (USD 3.921 billion) in sales and KRW 836.2 billion (USD 646 million) in operating profit, up 32% and 66% year-over-year, respectively.

By product, year-over-year sales (hereafter, in US dollars) continued to grow in all product lines in the second quarter, with increases across all categories including compact equipment increasing 9%, portable power up 30%, and industrial vehicles up 44%.

By region, the organization achieved even growth: 15% in North America, 15% in EMEA (Europe, Middle East, and Africa), and 14% in ALAO (Asia, Latin America, and Oceania).

On the same day, Doosan Bobcat held a board meeting and decided on a quarterly dividend of 800 won per common share. This is an increase of more than 30% compared to 600 won during the same period last year.