Zigbang Improves Last Year's Deficit by 30%

Zigbang announced on the 14th that it recorded consolidated sales of 101.4 billion KRW and an operating loss of 28.7 billion KRW last year.

Sales exceeded 100 billion KRW for the second consecutive year, and the operating loss, which was 40.8 billion KRW last year, improved by more than 30%, decreasing by about 12.1 billion KRW to 28.7 billion KRW.

Due to the prolonged downturn in the construction and real estate markets and difficulties in the brokerage industry, sales, which were 129.7 billion KRW in 2023, slightly decreased last year.

The company stated that the operating loss was mainly due to amortization expenses of intangible assets such as goodwill incurred during the acquisition of Samsung SDS Home IoT division. They explained that this is an accounting expense without cash outflow.

An Seong-woo, CEO of Zigbang, said, "As a result of focusing on improving profitability to minimize the impact of the economic downturn, this is reflected in the first quarter performance this year," adding, "We will establish a foundation for a performance turnaround through the advancement of new services and the launch of new smart home products."