Polaris Office Reports 12.4 Billion KRW Net Profit in H1, Up 972% YoY

[Asia Economy Reporter Jang Hyowon] Polaris Office, which has established a stable revenue base with the global office software 'Polaris Office,' achieved strong performance in the second quarter through business expansion and gains from the sale of affiliates.

On the 17th, Polaris Office announced that its consolidated net profit for the first half of this year reached 12.4 billion KRW, a 972% increase compared to the same period last year. During the same period, consolidated sales and operating profit recorded 11.7 billion KRW and 1.2 billion KRW, up 2% and 15% respectively from the previous year.

On a separate basis for the first half, cumulative sales reached 11.3 billion KRW and operating profit 1.7 billion KRW, representing increases of 26% and 55% compared to the same period last year. Due to the continuous growth of the 'Polaris Office' platform, separate operating profit exceeded 80% of last year's full-year operating profit within just half a year.

Furthermore, net profit on a separate basis during the same period reached 11.8 billion KRW, marking a significant turnaround to profitability compared to the previous year. Non-operating income increased substantially, including 12.2 billion KRW in gains from the sale of affiliate iWinPlus (formerly Polaris Works).

A Polaris Office official stated, "Following last year's successful turnaround, we are continuing a steady upward trend in profits this year," adding, "Along with improved performance, we have established a stable group-centered governance structure through the change of the largest shareholder to Chairman Jo Seongwoo of Polaris Group."

They continued, "While expanding the platform business area, we are responding to the increased demand for the non-face-to-face collaboration tool solution 'Atlassian' and are also focusing on stabilizing the blockchain business through the affiliate Polaris Share Tech," adding, "We expect the strong performance trend to continue in the second half of the year."

Meanwhile, Chairman Jo Seongwoo of Polaris Group became the largest shareholder of Polaris Office in July through the exercise of convertible bond conversion rights. Including related parties, the largest shareholder's stake totals 23.35%. The plan is to expand synergies among Polaris Group affiliates centered on Polaris Office and strengthen responsible management.

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