KOSPI-listed FreeT (formerly Inscobee) announced a future growth roadmap centered on entering the nuclear power business and restructuring its operations.
FreeT said on the 24th that it will shore up its existing cash-cow mobile virtual network operator (MVNO) and smart grid businesses while driving the nuclear power business as a core new growth engine. Along with the push into the new business, it also presented a blueprint to achieve 120 billion won in annual revenue and 10 billion won in operating profit through ongoing restructuring.
The core of the business overhaul is to quickly establish a technology-centered, high value-added nuclear power business as a new revenue source. At the same time as entering the new business, it will undertake a sweeping restructuring of other inefficient, loss-making operations that have weighed on results. It plans to exit businesses with low profitability and uncertain growth prospects, maximize management efficiency, and secure financial soundness.
The expense savings and cash inflows from the restructuring will be focused on strengthening the competitiveness of the new nuclear business and existing core operations. The new initiative will first roll out around medical waste using nuclear power, with the goal of developing it into a new mid- to long-term revenue source.
A FreeT official said, "This business reorganization will be an inflection point that completely transforms us into a high-growth, revenue-centered company by shaking off weakness," adding, "Building on our stable MVNO and smart grid businesses, we will boldly wind down loss-making operations to meet our targets."