LG CNS reported record first-quarter results as Korea’s leading IT solutions provider capitalized on growing demand for artificial intelligence transformation in the financial sector.
Operating profit jumped 144% to 78.9 billion won ($54.8 million) while revenue increased 13% to 1.21 trillion won ($840 million) from a year earlier, the company announced Monday. This marks the eighth consecutive year of steady sales growth since 2018.
Cloud and AI business accounted for 59% of total revenue, growing 30% year-on-year to 717.4 billion won. The company secured high-value contracts with six major financial institutions including NH Nonghyup Bank and KB Financial Group, implementing its enterprise generative AI platform across their operations.
The Seoul-based firm is expanding beyond its traditional IT services portfolio with investments in emerging technology segments. LG CNS CEO Hyun Shin-gyoon recently reinforced strategic partnerships with Google Cloud to support enterprise clients in adopting company-wide AI strategies across Asia-Pacific and the Americas.
While solidifying its position in data center construction, the company is also accelerating AI infrastructure development in Southeast Asia using advanced cooling technologies for high-density computing.
LG CNS is targeting the “Agentic AI” market through collaborations with AI specialists Cohere and Weights & Biases while strengthening partnerships with major cloud providers. The company is preparing for a potential IPO in early 2025 that could value the business at approximately 7 trillion won.
