Kyowon Group Achieves Record High Sales of 1.456 Trillion KRW Last Year

Jang Pyung-sun, Chairman of Kyowon Group

[Asia Economy Reporter Kim Daeseop] Kyowon Group announced on the 13th that it achieved record-high performance last year with sales of 1.456 trillion KRW and operating profit of 106 billion KRW.

This record performance was driven by aggressive research and development (R&D) investment and management innovation. Centered on the Smart Edu business and Wells rental business, last year's sales and operating profit increased by 10% and 53.8%, respectively, compared to the previous year.

The Edu Business Division, which handles smart education products such as 'Redpen Artificial Intelligence (AI) Math,' recorded sales of 467 billion KRW last year, a 20.4% increase from the previous year. The Wells Business Division, leading the water purifier rental business, posted sales of 215.4 billion KRW, up 37% year-on-year. Last year, rental cumulative accounts reached 700,000.

This year, the goal is to achieve sales of 1.7 trillion KRW by strengthening AI-centered content to lead edutech and securing new growth engines through platform business. The company plans to expand its AI technology-based product lineup and focus on content enhancement through big data advancement. In particular, it aims to accelerate growth by raising the sales proportion of non-education business divisions to 35%. The global business will also be expanded.

A Kyowon Group official said, "At the group level, we focused on expanding profitability by adjusting the business portfolio to strengthen growth momentum and creating new business opportunities through digital innovation based on synergy with startups." He added, "This year, we will continuously target the built-in water purifier market in Vietnam while pioneering new markets such as Malaysia, Singapore, and Indonesia."