Doosan Bobcat reports record earnings in 2022

Doosan Bobcat compact tractor [Photo provided by Doosan Bobcat]

Doosan Bobcat Inc., a construction equipment unit of the Doosan Group, posted record earnings last year, driven by a surge in sales of small equipment products in North America.

Operating profit last year soared 80 percent to 1.07 trillion won ($848 million) with sales climbing 48 percent to 8.62 trillion won, Doosan Bobcat said Wedmesday. Operating profit margin was 12.4 percent, up by 2.2 percentage points from the previous year.

The strong performance was driven by strong demand for compact construction equipment, rapid growth of ground maintenance equipment products and robust sales from Doosan Industrial Vehicle, which was acquired in July 2021.

Sales of small equipment increased by 20 percent and portable power products by 24 percent in developed markets last year. Ground maintenance equipment business grew by 51 percent in North America, continuing high growth at an average annual growth rate of 56 percent since 2019, when its compact tractor was first released.

Doosan Bobcat has increased its presence in global markets. Ground maintenance equipment, the company’s highest-grossing product, entered European markets this month. The company is also expanding its lineup with new lawn mowers launched in 2020. Demand for these products has growing rapidly in the North America based on strong brand power and product competitiveness. The company recently completed a $70 million expansion of its plant in Statesville, North Carolina.

In line with the growing demand in the U.S., Doosan Bobcat opened a construction machinery parts center in Atlanta, Georgia at the end of last month, following a new parts center built in Reno, Nevada in September last year.

Doosan Bobcat will pay a dividend of 750 won per share.