TYM, a specialized agricultural machinery company, has announced its Q3 2024 financial results.

TYM reported a cumulative revenue of KRW 626.8 billion and an operating profit of KRW 22.6 billion up to Q3 2024 on the 14th.

The North American agricultural machinery market, the largest globally, declined by about 14% compared to the previous year. The North American market continues to face high-interest rates, impacting consumer purchase sentiment and hindering the recovery of agricultural machinery demand.

Although TYM's North America subsidiary saw a 9% decline in sales compared to the previous year, it achieved solid sales relative to the market downturn through various activities including promotions. Additionally, the dealer network expanded to 330, with plans to increase to 430 next year. In the domestic market, agricultural machinery sales increased by 14% and filter sales by 12%, with the market share of its flagship tractor segment rising to 25%, achieving significant results. The company also improved its financial stability, with the debt ratio decreasing from 127% in the same period last year to 119% this year.

However, the company explained that operating profits decreased due to the expansion of promotional incentives to secure market share in North America and more than doubled sea freight costs compared to the previous year.

TYM plans to improve its performance by securing competitiveness in domestic and overseas markets. At the ‘2024 Korea International Agricultural Machinery Expo (KIEMSTA2024)’ held recently at Daegu EXCO, it showcased new products to be launched next year, such as the T76 and T130 tractors with Level 2 (Level 3 according to the Rural Development Administration) autonomous driving technology, and the RGO-690 rice transplanter.

TYMICT (CEO So-Won Kim) also displayed the AGDICT A series agricultural machinery autonomous driving kit. In addition, TYM is working with SK C&C on tasks to develop autonomous agricultural machinery technology based on generative AI and is making every effort to move towards advanced future agriculture.

In the global market, the company is actively targeting Europe. From the 6th to the 10th, it participated in the ‘EIMA 2024’, one of the world's four major agricultural machinery exhibitions held in Bologna, Italy, with the largest scale among domestic companies. It showcased new products and accessories and implements tailored to the local market. At the exhibition, it promoted the European subsidiary scheduled to operate from 2025 and shared key strategies through conferences with dealers and key partners from 44 European countries.

TYM plans to provide economical and efficient agricultural solutions services centered on its European subsidiary to reduce risks in the North American market and further diversify global sales. In particular, the company aims to achieve a 10% market share in all major European countries by focusing on selling large horsepower products, such as custom orchard tractors and new high-margin products in the 115-130 horsepower range. Recently, TYM also discussed further cooperation on post-war reconstruction projects with the Ukrainian parliamentary delegation.

A TYM official stated, “Despite the ongoing slump in the largest agricultural machinery market in North America, we are showing solid sales and are making every effort to expand our domestic market share and global market penetration, including the preparation of our European subsidiary,” adding, “We will strive to improve performance and secure various future growth engines to quickly advance when the market environment recovers.”