Joyongman, President of Korea Minting and Security Printing Corporation, "Will Achieve 500 Billion KRW Sales for 2 Consecutive Years"

Jo Yong-man, President of Korea Minting and Security Printing Corporation.

[Sejong=Asia Economy Reporter Joo Sang-don] Jo Yong-man, President of the Korea Minting and Security Printing Corporation, presented a sales target of 528.3 billion KRW for this year on the 13th. This marks the second consecutive year of achieving sales exceeding 500 billion KRW following last year.

President Jo explained this year's goal at a press briefing held at a restaurant near the Government Complex Sejong.

To achieve this, the Korea Minting and Security Printing Corporation plans to promote five key tasks based on the '3업3무 (3Eop 3Mu)' framework. The 3업3무 represents core objectives that must be accomplished this year: ▲Warm-業 (Warm Eop) for creating warmer social value ▲Jump-業 (Jump Eop) signifying a leap forward in the corporation’s business ▲Open-業 (Open Eop) emphasizing collaboration and communication, along with ▲Zero safety accidents (無) ▲Zero quality incidents (無) ▲Zero corruption acts (無). The five key tasks to realize these goals include ▲Creating social value prioritizing the public ▲Advancing to a global level through revitalization of new growth businesses ▲Producing flawless products through proactive quality management ▲Developing future core technologies leading business evolution ▲Innovating work methods through collaboration and communication.

Last year, the corporation’s sales reached 524.6 billion KRW, an increase of over 44 billion KRW (9.1%) compared to the previous year. This was the first time sales exceeded 500 billion KRW. Additionally, operating profit (over 10 billion KRW) and exports (over 65 billion KRW in overseas business sales) also set record highs, achieving a 'triple record high performance.'

Sales from the traditional currency business decreased from 207.5 billion KRW (62% of total sales) in 2007 to 169.7 billion KRW (36.6%) in 2016, and further down to 110.1 billion KRW (21%) last year. In contrast, pioneering new businesses such as bullion medals and mobile local gift certificates recorded sales of 295.5 billion KRW last year, increasing their share to about 56%.

The corporation utilized anti-counterfeiting and embossing technologies accumulated during the currency manufacturing process to pioneer markets last year for ▲Authenticity certification that can distinguish genuine from counterfeit products ▲Bullion medals made of precious metals like gold and silver, and various commemorative medals. The authenticity certification business, which verifies that products produced by private companies are genuine, exceeded 11.7 billion KRW in sales last year. The corporation develops and supplies packaging, labels, special paper, and special inks capable of verifying the authenticity of products such as 'Jung Kwan Jang' red ginseng products and cosmetics to related companies.

The medal business, which was small-scale in 2014, grew to record sales of 91.9 billion KRW last year. The sales target for 2022 is 100 billion KRW.

The corporation is also targeting the global market. Exports, which remained at 30.7 billion KRW in 2016, diversified in markets and product categories, achieving a record high last year, including receiving the 'Export Tower' award for 70 million USD in exports.

Alongside this, the corporation completed the establishment of the blockchain-based 'SCO Trust Platform' in response to the arrival of the 4th Industrial Revolution era and launched the mobile local gift certificate service 'Chak' using this platform, currently operating in Siheung, Seongnam, Yeongju, Gunsan, Jecheon, and other areas.

President Jo stated, "Last year's record-high performance was largely due to efforts in management innovation," adding, "In the new year, we will actively pursue public roles needed by the times and the people, striving to be a public enterprise that also realizes social value."

This content was produced with the assistance of AI translation services.