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NURI Telecom achieved OP of 11.2billion wons last year due to increased AMI sales

10.02.2020 Views:2201

NURI Telecom, a specialist in IoT and intelligent metering infrastructure (AMI) solutions, explained the company made its best result last year due to domestic sales increase of the flagship AMI business unlike market prediction that its earnings would be sluggish due to the end of large-scale AMI project business.

 

NURI Telecom's consolidated results, annual sales and operating profit in 2019 recorded 177.5 billion wons and 12.1 billion wons. Sales and operating profit decreased (-) 22% and (-)35%, respectively, compared to the previous year. Net profit was 8.2billion wons, down 30% YoY. In addition, the company recorded sales of 100 billion wons, operating profit of 11.5 billion wons, and net profit of 8.7 billion wons.  

 

 Nuri Telecom made up for the lack of overseas sales due to completion of Norwegian AMI project by making best result in domestic market and the company achieved

11.2 billion wons in consolidated operating profit. Prior to this, Nuri Telecom decided to disclose the cash dividend of 50 wons per share by the board of directors this year,

following the purpose of enhancing shareholder value. 

 

CEO Kim Young Duk said,

'This year, domestic and foreign AMI market is expected to expand further. It is expected that the market will expand not only electric AMIs but also water and gas AMIs, and the company plans to increase sales by actively participating in the 161 municipal water smart water management system business.