Plantynet "Q2 Sales Up 18% YoY... Strengthening Overseas Expansion in H2"

[Asia Economy Reporter Hyunseok Yoo] Plantynet announced on the 13th that it recorded consolidated sales of 7.2 billion KRW and an operating profit of 87 million KRW in the second quarter.

A company official explained, "Despite the economic challenges caused by the prolonged COVID-19 pandemic, the launch of services in the corporate and public market security solutions sector, along with steady growth of our subsidiary PlantyM and the Taiwan branch, resulted in an 18.4% increase in sales compared to the same period last year."

However, operating profit decreased compared to the previous year during the same period due to continued investments in technology development for securing future new businesses, hiring talented personnel, and marketing expenses. Net profit increased due to the equity method valuation gains from the subsidiary venture capital Albatross Investment.

Kim Hoojong, CEO of Plantynet, said, "Despite the uncertain management environment caused by COVID-19 in the first half of the year, we were able to achieve meaningful results through selection and concentration such as restructuring our core business and expanding overseas markets. In the second half, we will strive to deliver substantial results based on the momentum gained from bold investments."

Meanwhile, Plantynet is focusing on expanding its solution lineup, including the new release of the security web gateway (SWG) solution ‘OfficeGuard SV (OfficeGuard SmartViewer)’, which enhances SSL encryption and decryption functions to meet the demand for internet usage stability. Additionally, the company is preparing to launch the ‘National Internet Harm Blocking Service’ in collaboration with Vietnam’s VNPT, which is expected to create synergistic growth effects in overseas markets in the second half of the year.