ITCEN Achieves Record High Performance with 1.5 Trillion Won in Sales

[Asia Economy Reporter Lim Jeong-su] ITCEN, a KOSDAQ 4th Industrial Revolution business platform company, has achieved its highest performance since its founding.

ITCEN announced on the 11th that its consolidated sales last year reached 1.5424 trillion KRW, and operating profit was 24.1 billion KRW. These figures represent increases of 121% and 132%, respectively, compared to the previous year. During the same period, EBITDA rose significantly from 10.8 billion KRW to 28.5 billion KRW. On a separate basis, sales were 134.5 billion KRW and operating profit was 5 billion KRW, increasing by 15% and 598%, respectively.

ITCEN explained that sales increased due to securing large-scale projects such as the next-generation Edufine construction project and the disaster safety communication network construction, operation, and maintenance project. They also stated that restructuring the business with a focus on profitability contributed to the profit increase.

The increase in subsidiaries through mergers and acquisitions (M&A) also led to improved consolidated performance for ITCEN. Due to a preference for safe assets, the transaction volume of its subsidiary Korea Gold Exchange surged, and the group's overall sales expanded thanks to the strong performance of Comtec System's ICT infrastructure new business sector.

Kang Jin-mo, Chairman of the ITCEN Group, said, "We have achieved record-high performance through growth businesses centered on the 4th Industrial Revolution and restructuring focused on profitability. This year, we will sequentially launch a blockchain-based online gold trading platform and a fintech security-based bio electronic signature platform service, transforming into a platform business company."

Meanwhile, ITCEN expanded its business areas into defense and sports by acquiring Ssangyong Information & Communications on the 19th, and is aiming to enter overseas markets by leveraging Ssangyong Information & Communications' overseas brand power.