ITCEN Global’s subsidiary, ITCEN Entec (formerly Ssangyong Information & Communications), announced on the 27th that its CEO, Jang-ho Shin, has acquired 40,000 shares of the company’s stock through open market purchases. According to the company, this move is a strong expression of Shin’s commitment to business growth in the second half of the year, based on his recent achievement of record-high performance. Following robust growth last year, the company’s consolidated revenue in the first half of this year increased by 60% compared to the same period last year, and operating profit also turned positive. Through restructuring that focused on profitability, standalone operating profit and net income rose by 631% and 574%, respectively, compared to the same period last year.
ITCEN Entec emphasized that it is proactively responding to rapidly changing market conditions by diversifying its business portfolio. The company is collaborating with NHN, Tunib, and Vessel AI to jointly develop AI solutions optimized for public institutions. Recently, it successfully completed an AI-based next-generation core banking pilot project in cooperation with a financial institution. Furthermore, the company is maintaining competitiveness in the defense industry, having signed a contract with the Defense Acquisition Program Administration worth approximately 48.6 billion won.
CEO Shin stated, “Although our results are improving through aggressive sales activities and business efficiency efforts, I still believe the company is undervalued. We are actively pursuing AI-based projects and have strengthened our business competitiveness in the defense sector, which is expected to lead to an expansion in profitability in the second half. We are committed to enhancing shareholder value and engaging in investor relations activities based on our strengthened fundamentals.”