Paratech Achieves Record High Sales and Returns to Profitability After 4 Years... Sales Surpass 278 Billion Won

Firefighting specialist company Paratech achieved a significant milestone last year by recording its highest-ever sales. Following strong performance in the third quarter, the company continued its growth momentum into the fourth quarter, solidifying its upward trend.

According to the Financial Supervisory Service's electronic disclosure on the 28th, Paratech's consolidated sales for last year reached 278 billion KRW, marking a 27.2% increase from 218.4 billion KRW the previous year, setting a record high.

After recording consolidated sales of 259.7 billion KRW in 2017, Paratech had not surpassed 200 billion KRW until 2021. However, following 214 billion KRW in 2022, the company showed continuous growth and achieved a landmark sales figure this year.

Paratech's performance growth is mainly attributed to increased sales in the firefighting construction sector and expanded construction sales by its subsidiary Hurim Construction. Additionally, the surge in demand for firefighting equipment due to the government's strengthened safety standards for electric vehicle fires and underground parking lots significantly contributed to the sales increase.

A company representative explained, "The rise in firefighting construction sales and the increase in Hurim Construction's construction sales greatly contributed to our revenue growth. In particular, sales of firefighting products such as sprinklers, extinguishing equipment, and fire detectors surged due to stricter government regulations, driving the sales increase."

Notably, the company succeeded in returning to operating profit after four years. Paratech recorded an operating loss of 16 billion KRW in 2023 but achieved an operating profit of 3.7 billion KRW last year, marking an improvement in profitability. The main factors behind the increase in operating profit were improved cost ratios in the equipment division and reductions in selling and administrative expenses. This led to an increase in gross profit, driving the overall performance improvement.

Recently, the government has implemented policies mandating the installation of extinguishing and alarm systems in newly constructed underground parking lots and strengthening inspections of existing firefighting facilities, in response to growing concerns about electric vehicle fires. Consequently, sales of Paratech's key products such as sprinklers, extinguishing equipment, and fire detectors have significantly increased, propelling the company's performance growth.

Park Seon-gi, CEO of Paratech, stated, "We are pleased to have achieved our highest-ever sales last year. As safety standards for electric vehicle fires and underground parking lots are strengthened, we will continue to enhance our market share by advancing technology development and expanding product supply in line with the growth of the firefighting equipment market."

Meanwhile, Paratech is actively participating in the development of unmanned firefighting vehicles and researching new technologies to respond to electric vehicle fires, strengthening its competitiveness in the next-generation firefighting market. Industry experts predict that, coupled with government policies, Paratech has strong potential for sustained growth.

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