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South Korea – Saramin HR second-quarter revenue rises 17% while operating profit climbs 22%

South Korea – Saramin HR second-quarter revenue rises 17% while operating profit climbs 22%

August 3, 2022

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Saramin HR reported revenue today of KRW 32.1 billion (USD 20.0 million) in the second quarter of 2022, an increase of 17.1% compared to the same period a year ago. The group operates one of the leading job boards in South Korea alongside a range of additional recruitment services including a dispatching and headhunting business, and a professional employment platform.

The group recorded an operating profit of KRW 13.4 billion (USD 10.2 million), up 21.8% compared to the previous year. Both revenue and operating profit were record-high quarterly results.

Revenue growth was driven by an increase of companies using the platform’s services.

The number of companies using the platform’s ‘Talent Pool’ service, which matches talent with companies by analysing big data with AI, increased by an average of 11.2% over the past five quarters .

“As the need for companies to recruit talents with the least amount of time and effort is growing due to the rise of frequent hiring, it is interpreted that the number of companies using the ‘Talent Pool’, a quick and easy AI talent recommendation service, is increasing,” the group stated.

In the second quarter of this year, 520,000 job postings were registered on Saramin, a 5% increase from the same period last year, when the job market was booming. The number of monthly active users was 10 million and the number of CV’s was 5.51 million, up 10% and 7%, respectively, from the same period last year.

Kim Yong-hwan, CEO of Saramin HR, said, “Even though the overall economic situation is not favourable, it was effective in improving user satisfaction by introducing services that lead HR trends based on big data technology. We will expand the customer base through improvement and rapid market settlement of new businesses and overcome the challenging market environment by maximizing the effect of economic defence.”

Shares in Saramin HR last traded at KRW 36,000 (USD 27.44), down 1.7% on the day. The company has a market cap of KRW 419.73 billion (USD 319.9 million).