Zigbang Reports 120 Billion KRW in Revenue Last Year, Up 36% Year-on-Year

Operating Loss of 37.8 Billion KRW... 2% Increase YoY

Comprehensive proptech company Zigbang announced on the 12th that it recorded sales of 120 billion KRW and an operating loss of 37.8 billion KRW last year.

Zigbang's sales last year increased by 36% compared to the previous year (88.3 billion KRW), marking the highest ever. This is the fourth consecutive year of double-digit growth. Operating loss increased by 2% compared to the previous year (37 billion KRW). Zigbang explained, "This result reflects temporary costs incurred during the integration process after acquiring Samsung SDS Home IoT business division in 2022, as well as depreciation recognized in accounting," adding, "The ratio of operating loss to sales (31%) improved by 11 percentage points compared to the previous year (42%)."

Regarding last year's performance, Zigbang stated, "As the real estate and startup industries continued to experience a downturn, we focused on improving cash flow with the goal of securing financial soundness." Earnings before interest, taxes, depreciation, and amortization (EBITDA), a measure of cash-generating ability, improved by 2.5 billion KRW from the previous year to -27.8 billion KRW. Cash flow from operating activities also improved by about 26 billion KRW to -16 billion KRW compared to the previous year (-42 billion KRW).

Zigbang China, responsible for sales of Zigbang Smart Home in China, recorded sales of 18.2 billion KRW and a net loss of 2.6 billion KRW. A Zigbang official explained, "Although there were impacts from the Chinese economic crisis and exchange rate increases, overall, Zigbang Smart Home succeeded in defending its market share domestically and internationally," adding, "Sales increased due to positive responses to newly launched real estate services such as Jikim Brokerage."

Since the end of last year, Zigbang has diversified advertising products within its application (app) and expanded its business by launching the ‘List Your Home in Our Neighborhood’ service earlier this year. This year, the company plans to further strengthen its partnership brokerage business aiming to enhance and expand the Jikim Brokerage service launched in September last year, and will also introduce new smart home products.

Seongwoo An, CEO of Zigbang, said, "Last year, we focused on laying the foundation for business growth with the goal of securing financial soundness," adding, "This year, we will achieve solid growth through full-scale business strengthening."

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