Duzon Bizon Reports Q1 Revenue of 75.7 Billion KRW, Down 0.2% YoY

[Asia Economy Reporter Jang Hyowon] Duzon Bizon (CEO Kim Yongwoo) announced on the 28th through its Q1 earnings disclosure that it recorded consolidated sales of 75.7 billion KRW and operating profit of 14.3 billion KRW. Compared to the same period last year, sales and operating profit decreased by 0.2% and 18.6%, respectively.

Last year’s Q1 included government-supported projects, but this year’s Q1 results were affected by a base effect as the same projects were postponed to Q2. Additionally, the rapid spread and prolongation of COVID-19 caused delays in system construction, and the government’s smart factory support projects have also been delayed, impacting the performance.

However, this is only temporary, and the outlook is positive. A company official stated, “The company’s performance is showing improvement centered on the ERP business. Duzon Bizon’s market share is steadily increasing in the ERP market for large and mid-sized companies, which was previously dominated by foreign companies,” adding, “Thanks to the expanded application of the new implementation methodology (FoEX) in response to COVID-19 and benefits from compliance issues under the new external audit law, the ERP business is showing a clear upward trend in new orders.”

New businesses are also becoming visible. By participating as a platform builder and operator for the Korea SMEs and Startups Agency’s accounts receivable factoring business, the company is expected to expand new business centered on local governments and public institutions through diverse platform experiences. Through cooperation with Shinhan Bank, a strategic investor, Duzon Bizon is sequentially launching Amaranth 10 convergence services and is exploring new revenue models in the corporate digital finance market.

A Duzon Bizon official said, “We will rebound our performance through strengthening new businesses and concretizing global expansion strategies,” and added, “The growth momentum of existing businesses remains valid, and the revenue contribution effect of new businesses is expected to become full-fledged, so a performance rebound is anticipated this year.”