Greenplus Q1 Operating Profit Soars 111%... "Entering Turnaround"

GreenPlus, a smart farm specialized company, announced on the 14th that it recorded an operating profit of 1.2 billion KRW in the first quarter on a separate basis, an increase of 111% compared to the same period last year.

GreenPlus posted sales of 16.7 billion KRW, operating profit of 1.2 billion KRW, and net profit of 500 million KRW in the first quarter of 2024 on a separate basis. These represent increases of 18%, 111%, and 72%, respectively, compared to the same period last year. On a consolidated basis, sales reached 17.9 billion KRW, up 14% year-on-year. With net profit turning positive, the company is entering a full-scale turnaround.

Quarterly sales by business segment were 9 billion KRW for extrusion and processing, and 7.7 billion KRW for greenhouses. Although sales declined due to the downturn in the raw materials industry, they have gradually recovered this year, leading to increased sales. The smart farm segment also improved profitability alongside increased order volumes and sales growth.

Recently, GreenPlus signed a business agreement for the development of the ‘Chungnam Global Holti Complex,’ a smart farm complex planned to be the largest in South Korea. The Chungnam Global Holti Complex is a project investing a total of 330 billion KRW to build a smart farm complex of 508,200㎡, the largest scale in the country, in the Bio Well-being Research Special Zone in Seosan B District. The complex will be composed of a smart farm cluster (386,100㎡) with production, distribution, and processing functions, and a convergence cluster (122,100㎡).

Furthermore, the smart farm complex will be utilized as a smart farm cultivating crops fused with GreenPlus’s new technologies, and the company plans to continue active cooperation with Chungnam Province to revitalize the local community.

Jung Soon-tae, CEO of GreenPlus, said, "Since the end of last year, sales have been increasing as order volumes gradually recover," adding, "We plan to make a significant contribution to national project growth through collaboration with local governments and various companies in the large project we recently took charge of."

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