Mgame Achieves Record High Operating Profit of 30 Billion Won Last Year

[Asia Economy Reporter Yuri Choi] Mgame announced on the 23rd that it recorded consolidated sales of 73.4 billion KRW and operating profit of 30 billion KRW last year. This represents increases of 31.8% and 63.3%, respectively, compared to the previous year. It is the company's best performance since its founding in 1999.

In the fourth quarter of last year, sales reached 29.4 billion KRW, operating profit 14.5 billion KRW, and net profit 9 billion KRW. These figures rose by 67.2%, 145.1%, and 49.2%, respectively, compared to the same period the previous year.

The strong performance was driven by achievements in overseas markets. The PC MMORPGs China’s Yeolhyeol Gangho Online and North America and Europe’s Knight Online showed upward trends.

The growth of China’s Yeolhyeol Gangho Online was also reflected in the contract extension signed in August last year. The contract was signed at 18.16 million USD, a 390% increase over the previous agreement. Knight Online achieved its highest monthly sales since its launch in 2005, following the addition of new servers last year (as of December).

Mgame plans to release an idle mobile RPG titled M Project (working title) in the first half of this year. It is being co-developed with Billionaire Games, the developer of the successful idle RPG Blade Growing.

In the second half of the year, Mgame will launch GuihonM, a mobile MMORPG based on the intellectual property (IP) of the PC online game Guihon. Additionally, the company plans to release one new game each in the first and second halves of the year across various platforms including PC and mobile.

Kwon Yi-hyung, CEO of Mgame, stated, “In 2023, we plan to increase new sales by enhancing the success potential of new titles through a strategy of selection and concentration. We will also focus on technology development such as blockchain and artificial intelligence (AI) to prepare future growth engines.”