Incon, Q3 Cumulative Operating Profit Turns Positive... "Benefiting from Government-Led Projects"

[Asia Economy Reporter Yoo Hyun-seok] Incon achieved a significant sales growth in its core business up to the third quarter, successfully turning profitable.

Incon announced on the 16th that its separate basis cumulative sales for the third quarter increased by 60.4% compared to last year to 28.8 billion KRW, and operating profit recorded 140 million KRW, marking a return to profitability.

This sales increase is attributed to the explosive growth in the public procurement platform service sector that Incon is promoting, as well as increased sales of the ICT division’s wireless communication Internet of Things (IoT)-based intelligent fire detection system.

Incon’s procurement platform service is a service that selects high-safety projects through risk analysis when small and medium-sized enterprises participate in public procurement bidding and provides them to member companies. The business started in 2015 and has maintained a growth rate of more than double every year.

Incon offers a fire detection system that goes beyond the existing fire detection systems by incorporating artificial intelligence and deep learning with the ‘AI-BOX’ and safety IoT composite sensors.

An Incon official said, “Through the public procurement platform service, we secured an average of about 310 customers last year and recorded sales of approximately 10 billion KRW. This year, we have secured an average of about 2,000 customers, so sales and profits are expected to increase further. Coupled with the government’s public procurement market opening policy announced last year, steady sales and profits are expected in the long term.”

He added, “Sales of the IoT-based intelligent fire detection system are also expected to be activated mainly in traditional markets and local governments nationwide. Considering the seasonal characteristics of the video security market, where sales concentrate in the second half of the year, Incon’s sales growth and profitability this year are expected to be positive.”

Meanwhile, in July last year, the government announced a major opening of the public procurement market to accelerate early market entry for innovative growth companies. The scale is expected to reach around 100 trillion KRW.

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