Genians Q3 Operating Profit 2.2 Billion KRW... "661% Increase YoY"

Cybersecurity specialist Genieans announced on the 14th that its consolidated operating profit for the third quarter of 2024 reached 2.2 billion KRW, marking a 660.8% increase compared to the same period last year. Revenue and net profit recorded 10.4 billion KRW and 2.2 billion KRW respectively, increasing by 34.9% and 234.4%.

The cumulative consolidated revenue and operating profit for the third quarter also reached 29.3 billion KRW and 3.7 billion KRW, representing increases of 12.2% and 36.4% year-on-year. Net profit rose by 35.8% to 4.7 billion KRW.

Genieans cited the increased demand for NAC (Network Access Control) from local governments and large enterprises as a key factor behind the strong performance. The company noted that NAC continues to perform well in the public sector and is expanding its market share in the private sector as well. They have also expanded market coverage by securing customers for their ‘Cloud NAC Managed Service,’ which provides a one-stop solution from installation to operation of NAC.

The EDR (Endpoint Detection & Response) business is also delivering steady results across both public and private sectors. The proportion of the ‘EDR subscription-based business model’ is continuously increasing, which is expected to be a positive factor for profitability going forward.

Genieans is strengthening its position in the zero-trust market as well. To advance its zero-trust business, the company merged with SSL-VPN specialist FutureTech Information & Communication and secured a national project for the ‘Zero-Trust Implementation Pilot Project.’

In the fourth quarter, Genieans plans to enhance product competitiveness by ensuring stable growth of NAC, expanding the XDR-based alliance, and executing national projects to meet diverse security demands. Additionally, the company intends to sustain strong performance by expanding and intensifying its global business bases and activities.

Lee Dong-beom, CEO of Genieans, stated, “Thanks to balanced growth in NAC, EDR, and zero-trust sectors, we were able to achieve strong results even in the third quarter, which is traditionally considered an off-season in the security industry. Building on solid domestic business performance, we will accelerate global business expansion and continue the growth trend in the fourth quarter.”