Genians Reports 3Q Cumulative Operating Profit of 3 Billion KRW, Up 90.8% YoY

[Asia Economy Reporter Hyungsoo Park] Unified security platform company Genieons announced on the 14th that its cumulative Q3 consolidated operating profit reached 2.97 billion KRW, a 90.8% increase compared to the same period last year. Q3 sales achieved 22.55 billion KRW, up 28.7% year-on-year.

The company recorded strong performance based on its outstanding NAC (Network Access Control) solution competitiveness. It judged that demand for EDR (Endpoint Detection & Response) security solutions has entered a full-scale expansion phase.

The core business, NAC, drove sales growth as demand from private companies surged significantly, based on its overwhelming market share in the public sector. It achieved both quantitative and qualitative good results through expansion demand from large conglomerates, an increase in new customers, and win-back from competitors.

In the next-generation growth engine sector, EDR secured pilot and expansion projects from major banks in the primary financial sector. It also acquired numerous customers in the secondary financial sector. The company is steadily gaining customers in the public sector as well, and having obtained the first security function verification certificate for an EDR product, it expects its market position in the public sector to expand further.

Despite high interest rates and an economic downturn, government investment in cybersecurity is expanding, and the number of cyber threat incidents and damage per threat are increasing exponentially. Demand for security solutions is expected to grow in the future.

Samsung Securities analyst Ho-in Kwak analyzed, "Genieons is the No. 1 company in NAC and EDR solutions and can sustain growth despite concerns about economic recession." He added, "Currently, the company is achieving both top-line growth and profit generation," and "In the mid to long term, the demand for new security paradigms such as zero trust is also worth watching."

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