Tinkware Reports 182.2 Billion KRW in Sales Last Year... Overseas Black Box Growth Trend

[Asia Economy Reporter Moon Hyewon] Thinkware announced on the 30th that it recorded consolidated sales of 182.2 billion KRW, operating profit of 7.8 billion KRW, and net profit of 4.0 billion KRW last year. On a separate basis, sales were 167.4 billion KRW, operating profit 6.2 billion KRW, and net profit 2.8 billion KRW.

Sales decreased by 6% compared to the same period last year, but operating profit increased by 1% due to improved cost ratio and a decrease in one-time expenses related to affiliates. Net profit increased by 111%.

A Thinkware representative said, “Although total sales slightly decreased last year, overseas business recorded 28.1 billion KRW, a 42% increase compared to the previous year, achieving the highest performance since exports began. It is very encouraging that high growth is expected this year as well. We will focus on securing stable growth engines through strengthening domestic and overseas sales of our main business, black boxes, and diversifying new businesses.”

Thinkware stated that its overseas business division achieved visible results by expanding global major supply channels such as Japan’s Alpine, Denso Sales, Volvo, Volkswagen, and North American GM and Ford. Recently, as the mandatory installation of ADAS (Advanced Driver Assistance Systems) solution-based driving safety devices has been actively enforced in overseas markets such as Japan and Europe, it is expected that exports will continue to perform well this year through the expansion of supply lineups including black boxes, ADAS-dedicated devices, and rear cameras.

They plan to officially expand their business by increasing B2B business channels for vehicle infotainment and autonomous driving technology-based PIO.

Additionally, they plan to enhance profitability by expanding various high value-added platform-based businesses such as supplying the telecommunication-type map platform ‘iNaviWHERE’ to domestic imported car dealers, mobile navigation ‘iNavi Air’, map API revenue business, AR (Augmented Reality), and overseas commercialization of ADAS solutions.

Based on the iNavi brand and distribution channels, they are also driving business diversification into vehicle air purifiers and tinting films. They are preparing to launch new product lines for brand expansion in the first half of the year, aiming to establish a foundation for continuous sales growth along with expanding their business portfolio.

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