Midas AI Q3 Operating Profit Turnaround... "Focusing on Escaping Management Status"
[Asia Economy Reporter Hyunseok Yoo] Midas AI announced on the 15th through a disclosure that its cumulative sales on a separate basis for the third quarter of this year reached 5.723 billion KRW, a 12.21% increase compared to the same period last year (5.1 billion KRW), and cumulative operating profit reached 193 million KRW, successfully turning to profitability.
The improvement in third-quarter performance is due to the full-scale launch of the information security solutions business in the second half of this year. Recently, as companies' Digital Transformation (DT) has accelerated, related damages such as information tampering and information leakage risks have also surged. Midas AI provides various information security solutions such as the DLP solution (SafePC Enterprise), security USB management solution (SafeUSB+), and personal information protection solution (SafePrivacy), and plans to achieve substantial performance growth based on these related businesses.
A Midas AI official stated, "With the acceleration of companies' DT, substantial sales have occurred in the information security solutions business, and the company has also focused on self-help efforts to successfully turn cumulative operating profit to positive on a separate basis," adding, "Since sales tend to concentrate in the third and fourth quarters due to the nature of the business, annual performance is also expected to turn profitable."
He continued, "Stabilization of the core business and explosive growth in the cannabis business are expected, so management efficiency and performance are anticipated to improve this year," adding, "We will focus on continuous review of stabilized new businesses and escaping from the management watchlist."
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
Meanwhile, after acquiring Melrose Facility Management (MFM), a U.S. company holding a legal cannabis license, Midas AI is showing significant sales growth locally. Midas AI is currently actively reviewing new related businesses such as 'store acquisitions' and 'delivery business,' and through this, plans to solidify its position as the only listed domestic company holding all licenses related to cannabis.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
