BusinessOn Continues Smooth Sailing in 2Q... Operating Profit of 4.7 Billion KRW, Record Quarterly High

Excellent Performance in Former Business Division

[Asia Economy Reporter Minwoo Lee] BusinessOn Communications (hereinafter BusinessOn) achieved its highest-ever performance by posting solid results in the second quarter following the first quarter of this year.

BusinessOn announced on the 17th that it recorded quarterly record-high sales of 8 billion KRW and operating profit of 2.4 billion KRW in the second quarter of this year. This strong performance followed the record operating profit in the first quarter. Accordingly, sales for the first half of the year reached 16.7 billion KRW and operating profit 4.7 billion KRW, representing increases of 117% and 68%, respectively, compared to the same period last year. These were also the highest half-year results in the company's history.

This is attributed to the establishment of a collaborative system with companies acquired over the past year, such as Nudge Partners, Planit, and Glosign. In the financial integration solutions division, the business expanded from the traditional electronic tax invoice construction to a financial integration solution business area by incorporating Nudge’s electronic evidence and VAT solutions. In fact, a supply contract worth 1.7 billion KRW was signed with Hyundai AutoEver in May.

The big data division continued its strong growth as existing service sales steadily increased. Additionally, as the number of customers using Planit’s data analysis services grew, the data visualization business also showed growth.

The electronic contract sector grew by more than 60% compared to the previous year. While continuously building B2B (business-to-business) electronic contract solutions, the company is also actively expanding into adjacent areas such as secure authentication services. New demand from local governments and associations, driven through Glosign, is also accelerating.

Furthermore, the business platform division expanded its business area from simple advertising to the ‘SmartBill Partners’ service, an essential service platform for enterprises. A BusinessOn official explained, "Our strategy is to maximize the company’s value by providing a wide range of services to a cumulative 4 million client companies alongside existing businesses." They added, "The strength lies in offering discounted prices for essential work tools provided by business services such as Naver Works, KakaoT, and Toss Payments, as well as welfare services offered by Hana Tour Business and Snack24, and essential work tools from Amazon Web Services (AWS), Google, and Microsoft (MS)."