Hurim Robot Escapes Investment Warning Status... "Ensuring Management Transparency, Maximizing Shareholder Value"

Hurim Robot announced on the 22nd that it has been removed from the investment caution list after submitting the audit report with an “unqualified” opinion on the 2023 internal accounting control system to the Korea Exchange.

Hurim Robot received an “unqualified” audit opinion on the 2022 financial statements in April last year, but was designated as an investment caution item due to an “adverse” opinion on the internal accounting control system. This was caused by failing to meet the high-level internal control procedures required by the external auditor during the investment process to secure new growth engines. Hurim Robot resolved the adverse opinion through the 2023 internal accounting control system audit.

Hurim Robot has established an advanced internal control system through the Investment Review Committee and the System Improvement Committee and has been implementing it since last year. The company explained that it was able to receive the “unqualified” opinion this time based on stricter compliance with internal accounting processes and management’s risk management efforts.

A Hurim Robot official said, “We succeeded in escaping from the investment caution list within one year by strengthening the internal accounting control system,” adding, “We will focus on maximizing corporate value this year, starting from the removal of the caution designation, as well as ensuring that issues related to audit reports do not recur.”

He continued, “Following the acquisition of Hurim A-Tech, a company specializing in automotive interior and exterior materials, which expanded last year’s performance improvement trend, we will accelerate growth this year through new business investments and expansion of core business sales.”

Hurim Robot recorded consolidated sales of 82.7 billion KRW in the previous year, an increase of 49.0% compared to the previous year. During the same period, operating loss improved by 75.1% to 1.9 billion KRW, and net profit reached 700 million KRW, achieving a turnaround to profitability.