KOSPI-listed FreeT (formerly Inscobee) announced a future growth roadmap centered on entry into a new nuclear power business and business restructuring.
FreeT said on the 24th that it will solidify the fundamentals of its existing cash-cow mobile virtual network operator (MVNO) and smart grid businesses while pushing the nuclear power business as a core new growth engine. Along with the new business push and ongoing restructuring, it also presented a blueprint to achieve annual revenue of 120 billion won and operating profit of 10 billion won.
The core of the business revamp is the rollout of new businesses through a partnership with Orion ENC. FreeT plans to enter the eco-friendly energy and nuclear power markets with Orion ENC. The plan is to quickly establish a technology-centered, high value-added nuclear power business and grow it into a new source of revenue.
At the same time as entering the new business, the company will also undertake a sweeping restructuring of other inefficient, loss-making businesses that have weighed on results. It plans to exit businesses with low profitability and unclear future growth, maximize management efficiency, and secure financial soundness.
The expenses saved and cash inflows from the restructuring will be concentrated in strengthening the competitiveness of the new nuclear business and existing core businesses.
A FreeT official said, "This business revamp will be an inflection point that completely changes our constitution into a high-growth, revenue-centered company," and added, "We will add Orion ENC's nuclear technology to our existing stable MVNO and smart grid businesses and boldly wind down loss-making operations to achieve our goals."
FreeT earlier signed a memorandum of understanding (MOU) on the 23rd with nuclear power engineering company Orion ENC to commercialize a "mobile plasma waste treatment facility."