ZemvaxGeo Turns Operating Profit Positive... "Successful Turnaround"

[Asia Economy Reporter Hyunseok Yoo] GemVaxGeo announced on the 16th that it turned its operating profit positive last year.

GemVaxGeo recorded an annual operating profit of 600 million KRW based on consolidated financial statements and 1.6 billion KRW based on separate financial statements last year. During the same period, consolidated sales increased by 142% year-on-year to 45.8 billion KRW.

This was due to increased sales and improved profit structure in the comprehensive interior business. A company official stated, "Despite the COVID-19 situation last year, orders expanded in the new core business of comprehensive interior, including spotainment, hotels, and luxury residential sectors," adding, "Deliveries of custom-made furniture, recognized in the market for its technology and performance, also increased." He further added, "The company's consistent efforts to improve the profit structure of the business division also played a major role in this performance improvement."

GemVaxGeo plans to take charge of the construction implementation of the 'Hyatt Place Osong' hotel based on its extensive experience in construction and operation of hotels, shopping centers, and spotainment facilities not only in Korea but also in Vietnam and Cambodia. The groundbreaking is expected to significantly contribute to the company's sales increase.

A GemVaxGeo official said, "The expansion of orders in the comprehensive interior business, promoted as a new business, led the performance growth," and added, "This year, we also expect synergy creation with the energy business, which has construction and control system operation technologies for renewable energy facilities."

He continued, "In the future, together with the GemVax Group's bio and pharmaceutical business sectors, we plan to enter the silver housing industry such as hospice facilities. We will participate in real estate development and implementation with specialized construction and interior technologies centered on spotainment, hotels, and the silver industry, advancing into a comprehensive construction company."

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