Polaris Office Achieves Record 3Q Revenue... Growth and Stability Combined Through Consolidation Effects

Polaris Office, a specialist company in office software, achieved its highest-ever sales in the third quarter of this year. This was supported by the growth of the core business sector, as well as the quarterly record sales and operating profit of Polaris Sewon, which was consolidated from this quarter, and the stable profit realization of Polaris Uno.

On the 15th, Polaris Office announced that its consolidated sales for the third quarter of this year reached 49.8 billion KRW, a 728% increase compared to the same period last year. During the same period, consolidated operating profit was 4.3 billion KRW, and net profit was 6 billion KRW, marking increases of 798% and 1683%, respectively, compared to the same period last year.

On a separate basis, third-quarter sales recorded 6.4 billion KRW, and operating profit was 500 million KRW. Sales increased due to the launch of a new AI (artificial intelligence) office as a new growth engine and the expansion of the collaboration platform business division, but operating profit decreased compared to the same period last year due to increased marketing costs for new services and increased product purchase costs from business expansion.

A Polaris Office representative stated, "We are making efforts to secure customers for the newly launched AI subscription plan and marketing. Since the increase in average revenue per user (ARPU) directly leads to profitability improvement, we will do our best to convert existing subscribers to the AI subscription plan and increase the number of subscribers."

He added, "Office solutions continue to see sales growth due to increased B2B and B2G demand related to building paperless smart offices. Regarding the collaboration platform business division, there are many inquiries about IT Service Management (ITSM) related to strengthening internal controls, and we are proactively responding to product purchases for this."

Subsidiary Polaris Sewon achieved its highest quarterly sales of 23.6 billion KRW and operating profit of 2.6 billion KRW on a separate basis, thanks to the sales deferral effect and collection of receivables from client strikes in the previous quarter, improved cost structure through enhanced quality control, and internal structural improvements.

Polaris Uno recorded consolidated sales of 19.3 billion KRW and operating profit of 1.6 billion KRW in the third quarter, despite challenging upstream market conditions and the global economy, through steady sales of synthetic hair products for wigs, which are essential daily items for Black women.

A Polaris Sewon representative said, "We have proven the effect of internal structural improvement by turning operating cash flow positive compared to the previous year. Regarding subsidiary Polaris Uno, despite the downturn in the African market, it has achieved commendable business performance."

A Polaris Office representative said, "Since the third quarter, with the consolidation of Polaris Sewon's performance, the scale of assets and quick ratio have increased, improving both size and financial structure. We will develop into a company that grows even further by adding the stability and asset value of Polaris Sewon and Polaris Uno to the growth potential of Polaris Office."

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