Polaris Office Q2 Consolidated Revenue Up 47% YoY... "Operating Profit Turns Positive"

[Asia Economy Reporter Jang Hyowon] Polaris Office, a specialized office software company, achieved strong performance in the second quarter following the first quarter of this year.

On the 18th, Polaris Office announced that its consolidated sales for the second quarter reached 6.1 billion KRW, a 47% increase compared to the same period last year. Operating profit and net profit both turned positive during the same period, recording 1.2 billion KRW and 400 million KRW respectively.

With continued improvement following the first quarter, the cumulative consolidated sales for the first half of the year reached 11.5 billion KRW, a 26% increase compared to the same period last year. The cumulative consolidated operating profit and net profit for the first half also turned positive compared to the previous year, recording 1 billion KRW and 1.2 billion KRW respectively.

The company explained that the prolonged COVID-19 pandemic and the expansion of non-face-to-face work environments such as remote work and online classes contributed to the strong performance. While improving the profitability of its flagship product, ‘Polaris Office,’ sales of the enterprise collaboration solution ‘Atlassian’ approximately doubled compared to the same period last year.

Accordingly, the separate basis operating profit for the second quarter also turned positive to 800 million KRW compared to the same period last year, and the cumulative separate basis operating profit for the first half reached 1.1 billion KRW.

A Polaris Office representative stated, “We are striving to provide various services suitable for non-face-to-face work environments, including the collaboration solution business, the ‘K-Non-face-to-face Service Voucher Platform’ project conducted with the Ministry of SMEs and Startups, and the launch of the ‘Polaris Office Web’ service. We expect to continue the growth trend of the first half’s performance in the second half through a profitability-first management strategy and internal business structure efficiency.”

Meanwhile, Polaris Office plans to strengthen its platform-based business capabilities starting in the second half of this year, based on its office software ‘Polaris Office,’ which has 110 million global subscribers. The company aims to grow into a ‘global integrated platform company’ encompassing OTT (online video service) content, communities, O2O (online-to-offline), commerce, and finance, beyond its existing document-centered collaboration services.

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