Korea Minting and Security Printing Corporation Reports Operating Profit Surplus Last Year, 12 Times Higher Than Previous Year

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Korea Minting and Security Printing Corporation significantly increased its surplus last year. This is the effect of improving the financial structure under an emergency management system.

President Ban Jang-sik (fourth from the left) of the Korea Minting and Security Printing Corporation is taking a commemorative photo with participating employees after recently holding the 'Small Success Heroes' meeting. Photo by Korea Minting and Security Printing Corporation

The Mint announced on the 14th that its operating profit for last year was tentatively estimated at 12 billion KRW.

This is 12 times larger than the operating profit of 1 billion KRW in 2021.

Previously, the Mint recorded a deficit of 14.2 billion KRW in 2020. However, with the declaration of the emergency management system and the launch of a large-scale financial structure improvement project, the Mint explained that it was possible to turn a profit and expand the surplus.

To establish a surplus trend, 27 core tasks were set, and management innovations such as cost reduction, productivity improvement, and quality enhancement were implemented, resulting in a significant increase in operating profit.

In particular, from this year, passport issuance, which had stagnated due to the spread of COVID-19, is expected to normalize, and the results of the ICT business are expected to become visible, so the surplus trend is expected to continue.

However, considering the challenging external management environment such as high interest rates, the strategy is to tighten efforts to improve the financial structure, including reducing the debt ratio, this year as well.

Ban Jang-sik, president of the Mint, said, "The Mint's tentative operating profit last year was around 12 billion KRW, a significant increase compared to the previous year (2021)," and added, "This is the result of employees and executives working together to overcome the crisis for over two years despite difficult external conditions such as the spread of COVID-19."

He also expressed his ambition, saying, "The Mint will make this year the first year of 'K-Jump' to take a new leap and soar."

Meanwhile, President Ban recently held a meeting with the 'Small Success Heroes' on the occasion of his 2nd anniversary in office, sharing opinions with employees on last year's management performance, the outlook for 2023, and major issues such as the recently highlighted passport issuance.