'1.2 Billion Subscribers' Polaris Office Accelerates Business Expansion Based on Strong Liquidity

[Asia Economy Reporter Jang Hyowon] Polaris Office is accelerating the expansion of its subscriber base based on a stable financial structure. It is garnering attention by expanding its business areas based on cash-generating capabilities established through a stable profit structure.

On the 20th, Polaris Office stated, "The cumulative number of platform subscribers to date has reached approximately 120 million," and added, "We will continue to prepare measures to enhance performance growth and corporate value based on our excellent financial structure."

The company operates various businesses based on a platform targeting subscribers worldwide. It announced that its consolidated net profit for the first quarter increased by 232% year-on-year to 2.4 billion KRW. During the same period, sales increased by 19% to 6.3 billion KRW, and operating profit turned positive at 600 million KRW.

The cash secured through two rounds of subsidiary and other corporation equity sales last year and this year amounts to a total of 30.8 billion KRW, and as of the end of the first quarter, the debt ratio stands at 38.12%. With a debt dependency ratio of 14.64% and no borrowings from financial institutions, the company has maintained a virtually debt-free structure for several years. It explained that it is preparing for domestic and international risks such as rising interest rates based on abundant liquidity and a high retention rate.

The company said, "The 'Polaris Office' business platform has shown explosive growth over the past three years along with the widespread adoption of remote work environments due to COVID-19," adding, "The global platform distribution is becoming more active by incorporating various features, including real-time collaborative document editing."

It continued, "We are continuously conducting research and development to introduce new services that users want, moving beyond the previously limited services," emphasizing, "We will strive to prepare measures to secure future growth engines and practice responsible management."

The company’s business foundation is being strengthened centered on its proprietary platform, 'Polaris Office,' and it is actively expanding its business areas into OTT (online video services), commerce, blockchain, and more. In the paid-in capital increase completed last month, Chairman Cho Sung-woo of Polaris Group, CEO Ji Jun-kyung of Polaris Office, and Vice President Kim Young-kwan of Polaris Group participated, demonstrating their commitment to responsible management.