Doosan Bobcat

On the 7th, Doosan Bobcat announced that it recorded annual sales of 9.7589 trillion won, operating profit of 1.3899 trillion won, and an operating profit margin of 14.2% last year, based on consolidated financial statements. Compared to the previous year, sales and operating profit increased by 13% and 30% respectively, achieving the highest performance once again.

Doosan Bobcat attributed the background of last year's performance to robust product demand and resolution of supply issues in the North American region. Sales in North America, which accounts for more than 70% of total sales, drove the growth with a 15% increase, while EMEA (Europe, Middle East, Africa) achieved a 7% increase and ALAO (Asia, Latin America, Oceania) recorded 2% decrease.

By product, there was steady growth throughout all product categories year-on-year with sales increase in compact equipment by 10%, material handling (former industrial vehicle) by 19%, portable power by 26% (based on dollar terms).

Based on the cash generated from the strong performance, Doosan Bobcat continued its net cash trend following the third quarter of last year, achieving a debt ratio of 74%.

In the fourth quarter of last year, sales decreased by 3% year-on-year to 2.3156 trillion won, while operating profit increased by 2% to 2.561 billion won.

For the annual performance outlook in 2024, Doosan Bobcat presented sales of 9.3441 trillion won and operating profit of 1 trillion won. As deferred demand diminishes, the company predicts the market will shift towards consumer-centric, leading to a slight decrease in sales. Profitability is also expected to decline due to the base effect from the previous year’s one-off profits and increased expenses such as in marketing, R&D, etc.

On the same day, Doosan Bobcat resolved at the board of directors meeting to pay a year-end dividend of 800 won per share, and in line with the 'improved dividend procedure' adopted last year, base date for the dividend was set for March 29th.