"Suprema, Solid Reference in Middle East... Expected Benefits from Neom City"
[Asia Economy Reporter Minji Lee] IBK Investment & Securities stated on the 8th that Suprema is expected to benefit from the Neom City project based on secured references in the Middle East region.
On the 3rd, Suprema announced orders for 2,500 units of Multi-Liner Xpress and 35,000 Biostar2 mobile access cards for Pearl Qatar, an artificial island in Qatar. Residents are scheduled to enter the complex using mobile access cards, and facility operators plan to manage access control for residents and visitors through the security software Biostar2.
Since establishing its Middle East branch in 2016, Suprema has secured references supplying access control solutions to government agencies and major companies such as ADNOC, the UAE oil company, Arab National Bank, Saudi Arabia’s Ministry of Communications and Information Technology (NIC), and the Public Investment Fund (PIF), holding the number one market share. Yoonseok Chae, a researcher at IBK Investment & Securities, said, “There is potential benefit in construction sites and residential access control markets related to the Neom City project,” adding, “The launch of a new facial recognition-based access control solution is also positive.”
The next-generation access control solution, BioStation3, was launched in September. Compared to the existing BioStation2, it offers improved price competitiveness, recognition rate, and scalability, with an added intercom function. It supports various authentication methods including facial recognition, QR and barcode, mobile access cards, and RFID cards.
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This year’s expected sales are 90.6 billion KRW, with an operating profit of 18.3 billion KRW. The provisional sales for the third quarter are projected at 21.6 billion KRW, a 23% increase compared to the same period last year. Operating profit is expected to rise 9% to 4.3 billion KRW. Researcher Yoonseok Chae said, “Considering the seasonal performance in the fourth quarter and the full-scale sales of new products, as well as the exchange rate effect, annual sales and net profit this year are expected to break all-time records.”
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