Polaris Office Reports Record 3Q Revenue..."Effect of Consolidation Inclusion"

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

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 6.0 billion KRW, representing increases of 798% and 1683%, respectively, compared to the previous year.

On a separate basis, third-quarter sales were 6.4 billion KRW, and operating profit was 0.5 billion KRW. Sales increased due to the launch of a new AI (Artificial Intelligence) office product, a new growth engine, and the expansion of the collaboration platform business division. However, operating profit decreased compared to the same period last year due to increased marketing expenses for new services and higher product purchase costs associated with business expansion.

A Polaris Office representative stated, "We are making efforts to secure customers for the newly launched AI subscription plans and to promote marketing. Since the rise in Average Revenue Per User (ARPU) directly leads to increased profitability, we will focus on converting existing subscribers to AI plans and increasing the number of subscribed users."

They continued, "Office solutions continue to see sales growth due to increased B2B and B2G demand related to paperless smart office construction. Regarding the collaboration platform business division, we are proactively responding to product purchases as there is a high volume of inquiries about IT Service Management (ITSM) related to strengthening internal controls."

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 deferred sales effects from client strikes in the previous quarter, collection of receivables, improved cost structure through enhanced quality control, and internal structural improvements.

Polaris Uno recorded consolidated third-quarter sales of 19.3 billion KRW and operating profit of 1.6 billion KRW, driven by steady sales of synthetic hair products for wigs?essential daily items for Black women?despite challenging market conditions and the global economy.

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

A Polaris Office representative added, "With the inclusion of Polaris Sewon’s performance in the consolidated results from the third quarter, the company’s scale of assets and quick ratio have improved, enhancing both size and financial structure. We will continue to develop into a growing company by combining Polaris Office’s growth potential with the stability and asset value of Polaris Sewon and Polaris Uno."

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