The two companies that split the domestic agricultural machinery market, Daedong(000490) and TYM Co., expanded their businesses with a focus on North America and both posted strong results in the first half of this year. They broadened their product lines from existing core small tractors to medium- and large-size tractors and compact construction equipment, and strengthened sales strategies tailored to the North American market, which led to improved results.
Daedong said on the 10th that it posted 844.8 billion won in revenue and 47.3 billion won in operating profit in the first half of this year. Revenue rose 5.4% and operating profit increased 0.9% from a year earlier.
An expanded product portfolio in North America supported the results. Daedong, building on its strength in the small tractor market, is expanding sales of medium- and large-size tractors while broadening its lineup to compact construction equipment (CCE) such as skid loaders and mini excavators.
TYM Co. also continued its growth centered on the North American market. TYM Co.'s first-half revenue was 552.2 billion won, up 13.1% from a year earlier. Operating profit jumped 59.1% to 62.6 billion won, far outpacing the increase in revenue.
Increasing the sales mix of highly profitable medium- and large-horsepower tractors played a key role in improving profitability. TYM Co. boosted product competitiveness by rolling out strategic new models aimed at North America and drove better results by maintaining stable operations and sales strategies in the local market.
Daedong and TYM Co. are expected to accelerate overseas expansion in the second half and beyond. In line with agriculture's digital transition and advances in AI, they plan to step up development of advanced products such as Autonomous Driving and smart agricultural machinery, and to expand local sales and service networks to strengthen competitiveness in global markets.