Sinsiway, last year's sales "achieve record performance"
- Last year's sales reached 10.4 billion won, growing sales for the fourth consecutive year
- Operating profit down 27.6% due to temporary increase in KOSDAQ listing, R&D, etc
Sinsiway (CEO Chung Jae Hun), a data security company, announced on the 20th that its sales last year were 10.46 billion won, achieving the highest ever performance and recording sales of 10 billion won for the first time.
Sales rose 7.6% year-on-year, continuing sales growth for the fourth consecutive year from 2020, setting a new record. Operating profit was KRW 1.5 billion, down 27.9% year-on-year due to increased one-time costs for listing on the KOSDAQ market and increased R&D investment costs.
Sinsiway is actively targeting the cloud market based on its multi-year DB security business and market share. Access control and encryption sales sold through cloud marketplaces are growing 38.4% compared to the same period last year, establishing a solid growth and position. In addition, Shin Si-Way newly established a cloud business team last year and is actively securing new customers and partners to convert public institutions to the cloud and introduce and revitalize the cloud in the SMB market.
Sales of the authorization payment solution "PETRA SIGN" increased 443.8% year-on-year. Until now, most of the demand for formal and unstructured encryption and DB access control has been in the financial sector, but the demand for authorization payment has recently increased with the zero trust model.
Petra Sign is a user-based payment system that provides services such as DB access, SQL execution, masking cancellation, and data storage before and after change. Financial companies handling the computer ledger are stipulated in the Electronic Financial Supervisory Regulations that when the computer ledger is changed, it is executed with separate procedures and approval of the change authority, and the execution details are automatically recorded and stored for 5 years.
Due to the enforcement of the Personal Information Protection Act and the revision of the standards for securing the stability of personal information, technical and administrative measures of access control and personal information encryption are required in clearer and more detail than before, and sales at digital service malls of the Public Procurement Service increased 23.6% due to increased demand for access control and encryption in the public sector.
"The domestic data security solution market has been growing continuously since 2019," said Yu Kyung suk, executive director of Sinsiway. "Sinsiway strives to secure new customers through cross-selling strategies of its solutions required for data security, and maintenance sales increased 12.9% last year compared to the same period last year due to continuous business orders."