Press Press2024.05.16

Performance for the first quarter of 2024 recorded KRW 167.8 billion, “highest ever sales as of 1Q”

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- CJ OliveNetworks recorded first quarter sales of KRW 167.8 billion, up KRW 22.4 billion from the same period last year. Business profit increased by approximately 30% to KRW 7.7 billion, continuing to strengthen profitability.

- The company drove the first quarter performance of major businesses such as smart factory, increased orders for SI business in the broadcasting media, and diversification of CJ ONE membership

- CJ OliveNetworks declared a new vision on the 13th, made a second leap, and presented a blueprint for the future.


CJ OliveNetworks (CEO Yoo In-sang) announced its business performance on the 16th with sales of 167.8 billion won for the first quarter of this year. Sales in the first quarter of 2024 increased by 15.4% compared to the same period last year, and business profit grew by about 30% to 7.7 billion won, strengthening profitability. As of the first quarter, this is the highest sales in history.


What is noteworthy is that in addition to the growth of the domestic business, the major external SI business continued to rise steadily and retained the growth engine. In particular, among the first quarter performance, sales through external business orders amounted to KRW 46.6 billion, an increase of more than 40% compared to the same period last year, strengthening the competitiveness of external business.


CJ OliveNetworks expects that it will be possible to exceed its 2024 target sales of 740 billion won and business profit of 56 billion won, leveraging its record-high performance in the first quarter of this year.


Smart Factory, one of CJ OliveNetworks' new growth engines, provides comprehensive services specialized in the food, beverage and bio fields based on the know-how accumulated through the group's IT service development and operation. In the first quarter, the company won contracts for smart factory projects from leading companies in each industry, including Hy's new Nonsan plant and OB Beer's Icheon, Gwangju, and Cheongju plants, leading to an increase in sales.


SI in the broadcasting media sector is also progressing smoothly. CJ OliveNetworks has carried out more than 250 successful SI projects in the domestic and foreign broadcasting media over the past five years, the largest scale in the industry. In the first quarter of this year, continued demand from broadcasting stations, government agencies, and companies continued, and the company successfully completed projects to upgrade the broadcast production platform and infrastructure and build a content production studio. Since the first quarter, it has won contracts for SI projects in broadcasting media, including the MBC’s next-generation production NPS construction project and the LG Hello Vision broadcasting platform operation project and is expects to increase sales in the second quarter as well.


Life membership service CJ ONE has been focusing on strengthening benefits by implementing a super app strategy since last year. In addition to the CJ brand, the number of members exceeded 30 million early this year, achieving a lock-in effect through expansion of external partnerships such as lifestyle/convenience, mobility, education, and travel. CJ ONE contributed to profits by advancing services such as membership points, CJ-integrated gift cards, and payment services to improve convenience for CJ ONE members.


AI-based external business orders are also noteworthy. CJ OliveNetworks is pursuing construction project for AI systems of the Insurance Development Institute based on the technology it has accumulated while pursuing various AI projects with major affiliates within the group.


CJ OliveNetworks plans to focus on generating performance in AI, big data, and cloud-based core businesses and achieve the goal of KRW 1 trillion in sales and KRW 1 trillion in corporate value by 2026 through profitability-oriented management such as improving cost structure and operational efficiency.


CJ OliveNetworks CEO Yoo In-sang said, “Despite the difficult internal and external environment that has continued since last year, the first quarter of this year was a time when we focused on securing business competitiveness and improving profitability through selection and concentration in order to generate solid growth rates in both sales and operating profit.” He said, “In the second quarter, we will continue to focus on profitability by consolidating the differentiation of our main businesses and improving our solid structure.”


Meanwhile, on the 13th, CJ OliveNetworks announced a new vision of 'a lifestyle innovation company that leads changes in space and daily life based on digital technology and data' and selected ▲ Leading CJ Group DX, ▲ Strengthening competitiveness in new and external business, and ▲ evolution of ONE Super App as its top priority to develop its business.