Polaris Office Reports 2.4 Billion KRW Net Profit in 1Q... "Expanding Profit Growth Based on Stable Revenue Structure"

[Asia Economy Reporter Jang Hyowon] Polaris Office is increasing its profit growth based on the growth of its office business and a stable revenue structure.

On the 16th, Polaris Office announced that its consolidated net profit for the first quarter of this year reached 2.4 billion KRW, a 232% increase compared to the same period last year. During the same period, consolidated sales increased by 19% year-on-year to 6.3 billion KRW, and operating profit turned positive to 600 million KRW.

On a separate basis, first-quarter sales amounted to 6.2 billion KRW, a 35% increase compared to the same period last year. Operating profit and net profit on a separate basis for the same period recorded 800 million KRW and 2.4 billion KRW, up 170% and 64% respectively from the previous year.

Since the COVID-19 pandemic, the establishment of a non-face-to-face work culture has greatly improved the performance of the office business. In addition, gains from the valuation of stocks held in other companies contributed to a significant increase in net profit compared to the previous year.

A company official stated, “Based on the growth and stable revenue structure of ‘Polaris Office,’ which has 117 million subscribers worldwide, we are consistently achieving operating profits this year as well. We successfully achieved a turnaround last year, and we expect to continue strong performance in the first quarter to deliver good results this year.”

He added, “The expansion of business areas through the ‘Polaris Office’ platform, increased demand for the collaboration tool solution ‘Atlassian’ due to the expanded application of the new external audit law, the mobile security solution business, and the blockchain business through the affiliate Polaris Share Tech are all progressing smoothly.”

Meanwhile, Polaris Office plans to leverage its abundant cash assets to enhance growth. It secured a total of 30.8 billion KRW in cash through the sale of subsidiaries and shares held in other companies, and the Polaris Office management is expanding its shareholding and taking responsible management through a paid-in capital increase.