Neotis Reports 930% YoY Increase in Operating Profit for First Half... "A Signal for the Electric Vehicle Business"

Neotis announced on the 14th that its cumulative operating profit for the first half of the year on a consolidated basis reached 2.7 billion KRW, marking a 930% increase compared to the same period last year. Sales and net profit for the period were 29 billion KRW and 5 billion KRW, respectively, representing a 1.7% increase in sales and a turnaround to profitability compared to the previous year.

In the second quarter alone, operating profit was 1.8 billion KRW, also turning profitable compared to the previous year. After successfully returning to profitability in the first quarter, the company has maintained this positive trend, with an increase in operating profit margin.

On a separate basis, cumulative sales for the first half reached 21.4 billion KRW and operating profit was 1.7 billion KRW, representing a 24.2% increase in sales and a turnaround to profitability compared to the same period last year.

The strong performance in the first half of the year is attributed to the recovery of the core business sector and the semiconductor industry. In particular, as competitors in the microbit and shaft industries withdrew from the market, Neotis is believed to have gained a reflective benefit.

A company representative stated, “Starting with KGM’s Actyon, we are making a full-scale entry into the new vehicle controller business,” adding, “In the second half of the year, development costs will be received from partners, reducing expenses and further increasing profit margins.”