AhnLab Inc., South Korea’s leading cybersecurity firm, reported mixed financial results for 2023, with consolidated revenue climbing 9% to 260.6 billion won ($196 million) while net income declined 7% to 32.4 billion won ($24.3 million).
The company’s operating profit increased 5% to 27.7 billion won ($20.8 million), driven by strong demand for its next-generation endpoint detection and response solution and threat intelligence platform.
The Seoul-based firm highlighted growing international revenues, particularly from its Saudi Arabian joint venture Lakin, which contributed initial infrastructure deployment sales. The overseas expansion comes as AhnLab seeks to reduce its dependence on the domestic market.
On a standalone basis, excluding subsidiaries, the company showed stronger performance with a 28% jump in net income to 44.6 billion won ($33.5 million).
CEO Kang Suk-kyoon said the company aims to achieve meaningful results in global sales this year as it marks its 30th anniversary. However, the firm faces intensifying competition in the cybersecurity market as larger international players expand their presence in Asia.
The results reflect AhnLab’s ongoing transition from a traditional antivirus software provider to a comprehensive security solutions company, though profitability remains under pressure amid high development and marketing costs.
