City Labs Reports Operating Profit of 2.6 Billion KRW Last Year... "Turned to Profit"

[Asia Economy Reporter Jang Hyowon] City Labs, an ICT solution company specializing in 4th Industrial Revolution technology, announced that it achieved its highest sales since its founding last year and successfully turned a profit.

City Labs disclosed on the 10th that its consolidated sales for last year reached 113.6 billion KRW, a 40.7% increase compared to the previous year. Operating profit during the same period was 2.6 billion KRW, increasing by about 4 billion KRW, marking a successful turnaround to profitability. Although a net loss continued, the loss significantly decreased by about 8.8 billion KRW compared to the previous year, recording 3.2 billion KRW.

The company cited the main reasons for the increased performance last year as ▲expansion of comprehensive orders centered on 4th Industrial Revolution projects focusing on public works (SOC) ▲overall accelerated growth of consolidated subsidiaries such as CareLabs and SearchPie.

Cho Youngjoong, CEO of City Labs, stated, "The efforts over the past few years to internalize 4th Industrial Revolution-based technology and reorganize internal structures have led to meaningful achievements such as record-high sales and turning a profit since our founding. With ongoing improvements in overall financials and continuous order expansion across diverse business sectors, starting this year, we plan to focus more on increasing profit margins by strengthening organizational restructuring alongside external growth."

City Labs, which had been focusing on the transportation sector SOC business as its core business, has concentrated on research and development investments in ICT technology domains such as artificial intelligence (AI), big data, blockchain, and IoT over the past few years to improve its business structure through diversification. These efforts began to materialize last year, leading to City Labs’ 4th Industrial Revolution business orders centered on SOC projects including ▲Jeju Smart City Challenge project ▲electric vehicle charging infrastructure sharing platform demonstration project ▲AI training data construction project.

The company stated that as demand for SOC projects centered on the 4th Industrial Revolution sector continues to increase this year, it plans to expand related business divisions and actively grow its self-developed solution business starting with TrusTalK, a blockchain and AI-based digital contract solution scheduled for official service launch this month.

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