GreenPlus Q1 Operating Profit Up 56% YoY... Benefiting from Smart Farm Market Expansion

[Asia Economy Reporter Hyunseok Yoo] GreenPlus, the No.1 company in greenhouses and smart farms in Korea, announced on the 3rd that it achieved approximately KRW 18.8 billion in consolidated sales in the first quarter, marking a 55% growth compared to the same period last year. Operating profit and net income for the same period were KRW 1.8 billion and KRW 1.7 billion, respectively, increasing by 56% and 85%.

GreenPlus cited the expansion of the domestic smart farm market size as the main factor for achieving the highest quarterly sales in its history. During the first quarter of this year, the company actively participated in government-led smart farm projects, signing construction contracts for the ‘Gyeongnam Smart Farm Innovation Valley’ a total of five times.

As a result, sales in the smart farm business division grew by 257% compared to the same period last year. Additionally, the aluminum extrusion and processing business division also contributed to the strong performance with a 17% increase in sales.

A GreenPlus official stated, “With the current order backlog exceeding KRW 30 billion, we expect the first half performance this year to achieve the largest scale following the first quarter. We will continue to sustain growth by actively attracting smart farm and smart aquaculture projects promoted by local governments in the second half of the year.”

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