Udeumji Farm, a smart farm listed company, announced on the 4th that although profits decreased last year due to rising costs and one-time expenses related to a SPAC merger, it is expected to quickly stabilize its performance this year with explosive sales and production growth starting from January.
Udeumji Farm's provisional sales last year amounted to 56.5 billion KRW, an increase of more than 25% compared to the previous year. However, net profit was provisionally estimated at 1.4 billion KRW, down due to a one-time expense of 1.5 billion KRW related to the SPAC merger.
However, since January this year, orders for its main product, Stevia tomatoes, have increased, resulting in sales growth of over 40% compared to 3.86 billion KRW in January last year. Production volume also expanded by 20-30% compared to 940 tons.
In particular, Udeumji Farm, which possesses smart farm cultivation technology, is engaged in multifaceted discussions regarding domestic and international sales network contracts as well as the establishment of smart farm production facilities, leading analysts to expect its performance trend to continue soaring.
Udeumji Farm recorded sales of 11.4 billion KRW in 2019, which increased to 23.2 billion KRW in 2020, 44.9 billion KRW in 2022, and 56.5 billion KRW in 2023. A Udeumji Farm representative stated, "We expect to secure orders soon through our subsidiary, Udeumji E&C, a smart farm specialized construction company that is receiving a flood of construction inquiries."
They emphasized, "The new European-style smart farm for vegetables, the largest in Korea, is scheduled to be fully operational in time for the summer harvest period when vegetables are most expensive, and this year it will demonstrate the true potential of a global K-smart farm leading company."
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