Gaon Media, 2Q Operating Profit 8.7 Billion KRW... "Record High Performance Within Sight"

[Asia Economy Reporter Hyunseok Yoo] Gaon Media, a total AI solution specialist company, announced on the 28th that its provisional operating profit on a consolidated basis for the second quarter reached 8.7 billion KRW, an increase of 186% compared to the same period last year. During the same period, sales increased by 12% to 139.3 billion KRW.

For the first half of the year, cumulative sales amounted to 260.8 billion KRW, and operating profit was 15.8 billion KRW. This is the second-largest half-year operating profit since the first half of 2019. The company expects to continue this trend in the second half and break the record for the highest performance this year.

This strong performance is interpreted as the result of steady growth of Gaon Media and its subsidiary Gaon Broadband. In particular, Gaon Broadband significantly improved profitability by expanding the proportion of high value-added products combined with solution sales, mainly in overseas markets.

A company official stated, “Despite the unstable domestic and international market environment, as a result of actively promoting business, achieving the highest performance in history this year is within sight. We also plan to accelerate efforts to produce results within the year in the XR business sector, which is being promoted as a new business.”

Gaon Broadband, a subsidiary, has selected Mirae Asset Securities as the lead manager and is pursuing an IPO aiming for a 2022 listing on the KOSDAQ market.