Polaris Office Reports Q1 Net Profit of 28.2 Billion KRW, Up 1093% Year-on-Year

Polaris Office saw a significant increase in net profit due to valuation gains on its stake in Selvas Healthcare. Revenue and profitability also improved thanks to the expansion of its office and collaboration solutions businesses.

On the 15th, Polaris Office announced that its consolidated net profit for the first quarter of this year reached 28.2 billion KRW, a 1093% increase compared to the same period last year. During the same period, consolidated revenue and operating profit were 7.2 billion KRW and 600 million KRW, respectively, up 13% and 9% year-on-year.

On a separate basis for the first quarter, net profit was 28 billion KRW and revenue was 6.8 billion KRW, marking increases of 1089% and 10% compared to the same period last year. Operating profit, however, decreased by 24% year-on-year to 600 million KRW.

Active sales and marketing efforts in the office business based on the global office software "Polaris Office" and the enterprise collaboration solutions segment drove external growth. In particular, non-operating income rose sharply, reflecting valuation gains of 26.3 billion KRW on the stake in Selvas Healthcare.

A company representative said, "We are maintaining a stable growth trend due to increased product sales driven by the expansion of sales in the office business centered on 'Polaris Office' and collaboration solutions. This year, we plan to take a step further from our existing business by strengthening competitiveness in the AI office business and advancing as an AI office company."

Affiliates Polaris Sewon and Polaris Uno also recorded stable performances in the first quarter. Polaris Sewon is experiencing revenue growth following the easing of vehicle semiconductor supply constraints and increased production by automakers. Polaris Uno has maintained stable results, recording revenue in the 20 billion KRW range for six consecutive quarters.

Meanwhile, Polaris Office plans to conduct an open beta test of "Polaris Office AI" at the end of May. Polaris Office AI is productivity-related office software applying generative AI language models. It maximizes document work efficiency by incorporating various AI features, including OpenAI's ChatGPT, Naver's HyperCLOVA, and Stability AI's Stable Diffusion.

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