Tinkware Reports Operating Profit of 12.4 Billion KRW Last Year, Up 59.6% Year-on-Year

Tinkware office building exterior. Photo by Asia Economy DB

[Asia Economy Reporter Kim Heeyoon] Thinkware has improved its performance thanks to strong sales of black boxes and increased sales in new business areas such as home appliances.

Thinkware announced on the 17th that its consolidated sales last year reached 197.5 billion KRW, an 8.4% increase compared to the previous year. Operating profit was 12.4 billion KRW, and net profit was 8.5 billion KRW, increasing by 59.6% and 112.3% respectively compared to the previous year.

According to Thinkware, sales by business segment recorded 143.1 billion KRW in the black box division, up 10% year-on-year due to strong sales of new products and expansion of new supply channels. Overseas sales among these increased by 24.7% year-on-year, reaching 35 billion KRW.

Other segments, including new business-based products such as home appliances, recorded sales of 36 billion KRW, a 32.1% increase compared to the previous year. Additionally, Thinkware stated that profit also improved due to efficiency in selling and administrative expenses and the elimination of one-time costs such as bad debt write-offs.

Kang Jungkyu, Head of Management Division, said, "Along with strong sales of premium black boxes domestically, black box sales in Japan surged more than 100% year-on-year, leading the growth trend. We view new supply projects with major B2B channels such as Volkswagen, Volvo, Alpine, as well as global automakers, positively. We expect continuous growth this year not only in the black box business expansion but also in new businesses such as home appliances through a diverse product lineup."

Meanwhile, monetization of the map business driven by subsidiary growth is also becoming visible. Mobility platform developer iNavi Systems has officially entered the mobility market by signing map supply contracts with designated driver services, taxi companies, and autonomous driving firms.

Utilizing route data including vehicle navigation maps, walking paths, and bicycle paths, they plan to develop and supply platforms optimized for various service areas such as last-mile delivery and vehicle calling.

Additionally, Beagle, the operator of Korea’s largest outdoor map service Trangle, recently unveiled the 'Trangle AI Exercise Analysis Technology,' which verifies exercise records by training exercise big data with artificial intelligence. They plan to apply this technology in their app at the 2021 National Firefighters’ Non-face-to-face Physical Fitness Improvement Competition held in April, aiming to secure a leading position in the non-face-to-face market.

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