Kyowon Group Reports Operating Profit of 44.7 Billion KRW in Education Business for H1... "Untact Effect"
Increase in Homeschooling Demand
Growth in Edutech Product Sales
[Asia Economy Reporter Kim Daeseop] Kyowon Group announced on the 13th that its education business division recorded sales of 511.5 billion KRW in the first half of this year due to the expansion of non-face-to-face (untact) product sales.
Sales in the education business division for the first half of this year increased by 2.5% compared to the same period last year. Operating profit for the first half reached 44.7 billion KRW, a 22.2% increase compared to the same period last year. In the second quarter of this year, the education business division posted sales and operating profit of 256.6 billion KRW and 24.8 billion KRW, respectively, marking increases of 5.9% and 38.6% compared to the same period last year.
Kyowon Group analyzed that the strong sales in the education business division were driven by increased demand for homeschooling due to the prolonged COVID-19 pandemic and the rise in sales of video management service products including edutech.
In the first half of this year, the number of Edutech Membership users utilizing Red Pen artificial intelligence (AI) math and other services exceeded 510,000. Edutech sales in the first half amounted to 258.7 billion KRW, accounting for 50.6% of the total sales in the education business division. New subscribers to the foreign language smart learning brand 'Doyosae' increased by 39% compared to the same period last year. Sales of the Doyosae brand in the first half reached 101.3 billion KRW.
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A Kyowon Group official stated, "Due to COVID-19, the number of daycare centers and schools closing or suspending classes increased, raising customer demand for homeschooling. Our prompt strengthening of video learning also drove sales growth. We are focusing on developing new products through collaboration with domestic and international startups possessing advanced technology, and we expect to continue the growth trend not only in the second half of this year but also next year."
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