Polaris Office, 7 Consecutive Quarters of Profit... Cumulative Operating Profit for Q3 Exceeds Previous Year

[Asia Economy Reporter Jang Hyowon] Polaris Office has established a stable revenue structure. Since a successful turnaround last year, it has maintained a profit trend for seven consecutive quarters.

On the 15th, Polaris Office announced that its operating profit for the third quarter of this year, based on separate financial statements, was 800 million KRW, an 82% increase compared to the same period last year. During the same period, sales based on separate financial statements increased by 38% to 5.9 billion KRW, and net profit turned positive at 400 million KRW.

Sales from the office business division based on the flagship product, ‘Polaris Office,’ steadily increased. The cumulative sales for the third quarter based on separate financial statements reached 17.2 billion KRW, approaching last year’s full-year sales of 18.2 billion KRW. The cumulative operating profit for the third quarter based on separate financial statements increased by 63% year-on-year to 2.5 billion KRW, surpassing last year’s full-year operating profit of 2.1 billion KRW.

On a consolidated basis, the cumulative net profit for the third quarter this year was 12.8 billion KRW, a 5247% increase compared to the same period last year. This performance growth was supported by a gain of 12.2 billion KRW from the sale of affiliates. During the same period, consolidated sales and operating profit also increased by about 4% year-on-year, recording 17.8 billion KRW and 1.7 billion KRW, respectively.

A Polaris Office official said, "Following last year’s successful turnaround, we continue to see steady growth in the third quarter this year due to the expansion of the platform business centered on ‘Polaris Office’ and increased demand for the non-face-to-face collaboration tool solution ‘Atlassian.’ We are also working to stabilize the blockchain business, focusing on the subsidiary Polaris Share Tech."

He added, "Having completed the establishment of a stable governance structure within the group during the third quarter, our goal is to find additional new growth engines that can create synergy with existing businesses."

Meanwhile, Polaris Office Group has established a stable governance structure through Polaris Office, Polaris Sewon, and Polaris Uno. Jo Sungwoo, chairman of Polaris Office Group and the largest shareholder of Polaris Office, expressed his commitment to responsible management by increasing his stake in Polaris Office to 24.09%, including special related parties, through on-market purchases in October.