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Press Corporate August 04, 2021

TYM is on a high road with North American exports…Highest semi-annual performance since its inception

TYM announced on the 4th that it recorded 461.8 billion won in sales, 37 billion won in operating profit, and 28.2 billion won in net profit in the first half of this year. This is a 28.7 percent increase in sales, 74.4 percent increase in operating profit, and 94.4 percent increase in net profit compared to the same period last year.

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Sales based on consolidation in the second quarter also recorded 246.6 billion won, operating profit of 24.2 billion won, and net profit of 16.2 billion won, which greatly increased to 89.4% and 36.0%, respectively.

TYM's biggest performance in the first half of the year was led by an increase in exports to North America based on stable domestic sales. Of the total exports of 280.2 billion won in the first half, 233.8 billion won, or 83.4 percent, was North American exports, up 23.7 percent from a year earlier. Increased sales and profits of subsidiaries of International General Machinery and GMT also affected TYM's consolidation performance.

In addition, the increase in performance in the first half of the year reflected the effect of cost reduction. Due to the effect of operating leverage, the cost ratio has been lowered and the operating profit ratio has improved significantly. There were concerns about a surge in export costs, but export costs accounted for only a 3.52%p increase in sales. Foreign exchange gains and losses of 3.6 billion won were also reflected.

Growth is expected to continue in the second half of this year. A TYM official said, "In North America, as consumption trends have settled as small tractors since Corona 19, sales of TYM's tractors are increasing. Considering the purchase patterns, trends, and pre-orders in the local market, supply will increase by the end of the year."

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