FSN "3Q Cumulative Consolidated Operating Profit of 7.6 Billion KRW... Surpassing Last Year's Annual Profit by 175%"

[Asia Economy Reporter Jang Hyowon] FSN, a comprehensive digital marketing specialist company listed on KOSDAQ, accelerated its simultaneous growth in sales and profits in the third quarter of this year, raising expectations for the best performance since its establishment.

On the 15th, FSN announced that its consolidated sales for the third quarter of this year reached 55.89 billion KRW, growing approximately 31.6% compared to the same period last year. Operating profit during the same period increased by 39.7% to 1.48 billion KRW, and net profit also recorded 2.46 billion KRW, successfully turning profitable.

Backed by strong third-quarter results, FSN took a step closer to its record-high performance. The cumulative consolidated sales of FSN for the third quarter of this year reached 156.85 billion KRW, an increase of about 38.6% compared to the same period last year. This accounts for 96% of last year’s annual sales, which was the highest since the company’s founding. The cumulative operating profit for the third quarter, recorded at 7.62 billion KRW, increased approximately 317.9% year-on-year, already surpassing last year’s annual profit by about 1.7 times.

FSN analyzed that the main reason for the increase in performance is that all its business divisions?the existing core digital marketing business, Tech & Platform, and Commerce new business sectors?are growing evenly based on the competitiveness of the digital marketing business. The sales composition by business division for FSN in the third quarter of this year was 44% Marketing, 32% Tech & Platform, and 24% Commerce. By region, domestic sales accounted for 76% and overseas sales 24%, indicating that the global business is also maintaining solid growth.

The company explained in detail that the digital marketing sector, which was the core revenue business, led the performance with the recovery of advertising demand that had been depressed due to the COVID-19 impact, and at the same time, the company successfully achieved profit maximization through internal business structure improvements. Additionally, the Commerce division showed remarkable growth just two years after entering the new business, with cumulative third-quarter sales rising 259% year-on-year to 37.46 billion KRW and operating profit increasing 177% to 3.77 billion KRW.

Lee Sangseok, CEO of FSN, stated, “The marketing division, our core business area, has entered a phase of substantial performance improvement. Despite aggressive investments in future growth industries such as AD-Tech and blockchain businesses (NFT, DEX, comprehensive digital asset management), as well as the Commerce division rapidly joining the ranks of strong performers, we have achieved balanced profit growth. Therefore, we expect even greater performance growth going forward.” He added, “The digital advertising market, which had been depressed due to COVID-19, is entering a full recovery phase and is expected to experience a boom by the end of this year. Since we are proactively investing and expanding in new businesses for the future ahead of others, we will focus on solid management aiming to break our record-high performance with good results by year-end.”