KOMSCO: KRW 638.6 Billion Revenue and Business Shift ==================================================== KOMSCO's 2025 revenue was reported at KRW 638.6 billion. This explains why it expanded into areas such as digital gift certificates and distinguishes revenue figures by source, merchandise forecasts, and export performance. - KOMSCO's 2025 revenue is reported as KRW 638.6 billion and KRW 639.5 billion, depending on the report. - The digital gift certificate business expanded into platform operation supporting issuance, payment, and settlement. - The KRW 5 billion revenue figure for currency-themed merchandise in 2026 is a forecast, not an achieved result. - The brand protection business applies anti-counterfeiting technology used in currency to authenticate products and artworks. - According to KOMSCO's official statistics, its 2025 export value was KRW 51.396 billion. The Korea Minting, Security Printing & ID Card Operating Corporation recovered its revenue by expanding into businesses such as digital gift certificates. Its 2025 revenue was reported at KRW 638.6 billion. Merchandise and product authentication should be assessed separately based on their scale and stage of growth. The revenue figures are based on 2025 results reported in September 2026. How much did the Korea Minting, Security Printing & ID Card Operating Corporation's revenue increase? Revenue in 2025 was reported to have increased by KRW 192.5 billion from 2023. The Korea Economic Daily cited ALIO and presented the following figures. The amounts in the table are annual revenue for each year. Year Revenue Trend 2021 KRW 550 billion Revenue declined afterward 2022 KRW 492.8 billion Down from the previous year 2023 KRW 446.1 billion Below the 2021 level 2025 KRW 638.6 billion Reported as record-high revenue The growing use of cards and mobile payments is a burden on the currency manufacturing business. The corporation expanded its business into areas such as gift certificate platforms. The revenue recovery is explained as the result of this business expansion. The Korea Economic Daily's September 2026 results report Why do the figures of KRW 638.6 billion and KRW 639.5 billion differ? The difference between the two figures cannot be explained from the articles reviewed. On September 14, the Korea Economic Daily reported KRW 638.6 billion. On September 17, Financial News reported KRW 639.5 billion. The difference between the two amounts is KRW 900 million. There is no basis for concluding that the difference comes from consolidated versus separate financial statements or a year-end accounting adjustment. This article uses KRW 638.6 billion when describing the trend by year. The precise accounting basis should be checked in the relevant year's audit report on ALIO. (Verified figure: 2025 K-IFRS consolidated revenue, sales of KRW 638,670 million, KRW 638.67 billion · source: alio.go.kr · verified on 2026-05-13) Financial News report on the 75th anniversary press conference What is the digital gift certificate business? The digital gift certificate business is a platform business that supports the issuance and use of gift certificates. The corporation provides local governments with issuance, payment, and settlement functions. Merchant management is also included in the scope of support. Local currencies and digital Onnuri Gift Certificates need to be distinguished. Local currencies are gift certificate programs run by local governments. Digital Onnuri Gift Certificates are a separate gift certificate system. Grouping both businesses together as local currencies would create confusion about what each one operates. A September 2026 report on the press conference stated that the integrated Onnuri platform had 17 million registered users. This figure shows the size of the business's user base. It does not represent the corporation's revenue or number of paying customers. Report on the digital Onnuri Gift Certificate platform Metric What it shows Metric that does not mean the same thing Number of registered users Number of users registered on the platform Number of active users Gift certificates issued Value of gift certificates issued The corporation's revenue Gift certificate payments Value of transactions paid with gift certificates The corporation's operating profit Platform-related revenue Revenue recognized for accounting purposes from operations and other activities All money that passed through the platform These distinctions provide a basis for interpreting the platform business. The revenue contribution of each business cannot be calculated from growth in registered users alone. Revenue by business and contract terms are needed to determine the contribution. Comparison of Currency Manufacturing, Platforms, Merchandise, and Authentication Businesses Each business uses the corporation's existing minting and security printing capabilities differently. The manufacturing business supplies security products. The platform business also handles operations after issuance. The brand protection business expands the range of applications by verifying whether products are genuine. Business Products or services provided Existing capabilities used Distinctions to make when reviewing results Currency and security product manufacturing Banknotes, coins, passports, and others Security printing and precision manufacturing Order volume and revenue by product Digital gift certificates Issuance, payment, and settlement platform Security and operating technologies Number of registered users and operating revenue Currency merchandise Consumer products made from currency byproducts Currency materials and design Actual revenue and future forecasts Brand protection Authentication labels, packaging, and security features Anti-counterfeiting technology Contract signing and revenue generation Security material exports Cotton pulp, pigments, inks, and others Material manufacturing technology Export contract value and results for the relevant year The corporation's official vision covers manufacturing, ICT, culture, and exports together. Its business transformation therefore cannot be explained solely as running an app. It can be understood as a shift that applies existing manufacturing capabilities to other markets. Korea Minting, Security Printing & ID Card Operating Corporation Value System Example of Calculating Currency Merchandise's Share of Revenue The scale of currency merchandise as a share of total revenue should also be considered. In a March 2026 interview, the president described 2025 revenue as approximately KRW 1.6 billion. The KRW 5 billion figure for 2026 was a forecast presented at the time. Products such as money cushions and money pens are made using currency byproducts. The Korea Economic Daily interview with President Sung Chang-hoon A simple comparison of the reported 2025 figures is as follows. Calculation Formula Result Increase in 2025 revenue from 2023 KRW 638.6 billion - KRW 446.1 billion KRW 192.5 billion Revenue growth over the same period KRW 192.5 billion ÷ KRW 446.1 billion × 100 Approximately 43.15% Simple share of merchandise revenue in 2025 Approximately KRW 1.6 billion ÷ KRW 638.6 billion × 100 Approximately 0.25% The 43.15% figure is the growth rate comparing 2023 and 2025. It is not the year-on-year growth rate for 2025. The merchandise share is a reference calculation based on reported figures. The approximately 0.25% share means that merchandise alone cannot explain the overall results. This calculation cannot be used to assess the profitability of merchandise. Manufacturing costs, selling expenses, and other figures are needed to determine profitability. How Is the Product Authentication Business Expanding? The product authentication business applies security technology to products other than currency. The corporation lists authentication paper, labels, and packaging among its business areas. Security features are added to products to help verify whether they are genuine. Korea Minting, Security Printing & ID Card Operating Corporation brand protection business information A digital watermark is a technology that embeds identification information that is not readily visible. Verifying a genuine product requires a tool that can read this information. The products covered and the verification method vary by individual service. In the art sector, there is a contract with artist Park Shin-yang. The contract was signed on May 29, 2025. At the time, prints, certificates of authenticity, and postcards were announced as the items covered. The contract is intended to help owners verify whether their items are genuine. Report on the art brand protection contract How Is It Related to the K-Brand Government Certification System? The K-Brand Government Certification System is a system for combating counterfeit products using a government certification mark. The Ministry of Intellectual Property explained the meaning of the certification mark as follows. A mark through which the government certifies that a product is made by a Korean company The quoted document is the Ministry of Intellectual Property's “Government Steps In as ‘Trademark Holder’ to Address Overseas Counterfeit Products.” The system connects authentication of genuine products with the government's response to counterfeit products. The corporation's brand protection technology can be used in this system. Ministry of Intellectual Property explanation of the system The first recruitment of participating companies was also announced in August 2026. The application period stated in the notice was from August 24 to September 11 (South Korea). This is a 2026 business development that should be distinguished from the 2025 results. Ministry of Intellectual Property's 2026 announcement recruiting participating companies Do Record Revenue and Record Exports Mean the Same Thing? Record-high total revenue does not necessarily mean record-high exports. The corporation's official export statistics provide a basis for distinguishing the two metrics. Exports in 2025 totaled KRW 51.396 billion. This was lower than the 2019 result in the same table. Year Official export value 2019 KRW 64.254 billion 2023 KRW 41.364 billion 2024 KRW 51.082 billion 2025 KRW 51.396 billion The original table uses millions of won, and the table above converts the figures into won amounts. The main export items in 2025 were cotton pulp and pigments and inks. This is why demand for security materials should also be examined in addition to domestic currency production volume. Korea Minting, Security Printing & ID Card Operating Corporation export results, revised March 26, 2026 Which Year's Results Were Covered by Earlier Reports of Revenue Exceeding KRW 500 Billion? Reports that revenue exceeded KRW 500 billion for the first time referred to the 2019 results. When the figures were announced in January 2020, provisional revenue was KRW 524.6 billion. New businesses at the time included bullion medals. Bullion medals are medals made from precious metals such as gold and silver. The reports at the time also covered operating profit and overseas business results. That record should not be interpreted as a 2025 achievement. Provisional export figures from that time should also be distinguished from current official statistics. January 2020 report on 2019 results Common Mistakes When Reading the Corporation's Results Treating results, forecasts, and targets as the same type of figure can lead to misunderstanding the scale of a business. Platform users and gift certificate transaction values, in particular, are metrics distinct from revenue. The following distinctions can also be applied to the results of other public platforms. Reading a forecast as an actual result: The KRW 5 billion merchandise figure is a forecast for 2026. Confusing the period: The 43.15% figure is the growth rate from 2023 to 2025. Interpreting registered users as revenue: Revenue cannot be calculated from the number of registered users alone. Reading a contract as revenue: Signing a contract alone does not confirm annual revenue. Expanding the scope of product authentication: It does not mean that products outside the scope are also authenticated. Applying an overall record to an individual segment: Record-high revenue and record-high exports are separate claims. What Kind of Target Is KRW 1 Trillion in Revenue by 2031? KRW 1 trillion in revenue is a target for 2031, the corporation's 80th anniversary. The corporation identified digital identity authentication and payment platforms as growth areas. Expanding its cultural businesses and security material exports is also part of this direction. The target amount should not be interpreted as revenue that has already been secured. Report on discussions of the 2031 vision The results of the business transformation should be assessed through revenue and profit by sector. This includes businesses such as mobile IDs, which differ in nature from merchandise. The corporation received an A grade in the 2025 public institution management evaluation. This evaluation result should also be distinguished from the profitability of individual new businesses. Report on the 2025 management evaluation results FAQ Q. What were the Korea Minting, Security Printing & ID Card Operating Corporation's sales in 2025? A. The Korea Economic Daily cited ALIO and reported sales of 638.6 billion won. Other reports give a figure of 639.5 billion won. The reason for the difference must be confirmed based on the accounting standards used in the audit report for that year. Q. Why did the Korea Minting, Security Printing & ID Card Operating Corporation's sales increase despite declining cash use? A. Because it expanded its business into areas such as digital gift certificates. Its business also includes passports, identity authentication, and security products. Its total sales cannot be explained solely by the production of banknotes and coins. Q. Is the value of digital gift certificates issued part of the Korea Minting, Security Printing & ID Card Operating Corporation's sales? A. The value issued and the corporation's sales are different metrics. The value issued indicates the scale of the gift certificates themselves. The corporation's sales are revenue recognized according to contracts and accounting standards. Q. What does the figure of 17 million digital gift certificate subscribers mean? A. Reports on a roundtable meeting in September 2026 describe them as subscribers to the integrated Digital Onnuri Gift Certificate platform. This cannot be considered the same as the number of actual active users or the corporation's paying customers. Q. Was currency-themed merchandise the main reason for the recovery in sales? A. It is difficult to explain the overall recovery in performance based on merchandise alone. Reported merchandise sales of approximately 1.6 billion won in 2025 were about 0.25% of the total 638.6 billion won. This is a reference share calculated by simply comparing the reported figures. Q. Is the 5 billion won in currency-themed merchandise sales a confirmed result? A. It is a forecast for 2026 presented in a March 2026 interview. It is not a figure confirmed as having been achieved for the year. Q. When was the brand protection agreement with artist Park Shin-yang signed? A. It was signed on May 29, 2025. The security technology announced at the time was to be applied to prints, certificates of authenticity, and postcards. Q. Were the Korea Minting, Security Printing & ID Card Operating Corporation's exports in 2025 also an all-time high? A. The official export statistics do not support that conclusion. The export value in 2025 was 51.396 billion won. This was lower than the 64.254 billion won in exports for 2019 shown in the same table. Q. In what year did the Korea Minting, Security Printing & ID Card Operating Corporation's sales first exceed 500 billion won? A. It was 2019. Provisional sales announced in January 2020 were 524.6 billion won. This should be distinguished from the 2025 sales record. Q. Is the sales forecast of 1 trillion won for 2031 confirmed? A. It is a management target set ahead of the corporation's 80th anniversary. It is not sales that have already been secured or a forecast that guarantees the target will be achieved. Sources - The Korea Economic Daily, September 14, 2026 report on Korea Minting, Security Printing & ID Card Operating Corporation's sales and business diversification: https://www.hankyung.com/article/2026091439561 - Financial News, Korea Minting, Security Printing & ID Card Operating Corporation Overcomes the Cashless Society Crisis and Transforms into a Digital Trust Company: https://www.fnnews.com/news/202609170838054703 - The Korea Economic Daily, interview with Seong Chang-hoon, President of Korea Minting, Security Printing & ID Card Operating Corporation: https://www.hankyung.com/article/2026031803891 - Korea Minting, Security Printing & ID Card Operating Corporation's value system: https://www.komsco.com/kor/contents/23 - Korea Minting, Security Printing & ID Card Operating Corporation's brand protection business: https://www.komsco.com/kor/contents/136 - No Cut News, Korea Minting, Security Printing & ID Card Operating Corporation and Park Shin-yang Sign Artwork Brand Protection Agreement: https://www.nocutnews.co.kr/news/6347585 - Ministry of Intellectual Property, Government Steps In as a Trademark Rights Holder to Address Overseas Counterfeit Products: https://www.korea.kr/news/policyNewsView.do?newsId=148962135 - Ministry of Intellectual Property Announces Recruitment of Companies to Participate in the 2026 K-Brand Government Certification System: https://m.korea.kr/briefing/pressReleaseView.do?gubun=pressRelease&newsId=156775229&pageIndex=1&repCode= - Korea Minting, Security Printing & ID Card Operating Corporation's export performance from 2016 to 2025: https://www.komsco.com/kor/contents/171 - Newsis, January 13, 2020 report on Korea Minting, Security Printing & ID Card Operating Corporation's preliminary 2019 results: https://mobile.newsis.com/view_amp.html?ar_id=NISX20200113_0000887119 - News1, Discussion of Korea Minting, Security Printing & ID Card Operating Corporation's Vision to Reach KRW 1 Trillion in Sales by 2031: https://www.news1.kr/amp/local/daejeon-chungnam/6252009 - Lawissue, Korea Minting, Security Printing & ID Card Operating Corporation Receives Grade A in the 2025 Public Institution Management Evaluation: https://www.lawissue.co.kr/view.php?ud=202606221626507384f4ab64559d_12 Images - Smiling shopkeeper watches a customer hold a smartphone near a payment terminal: https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MTk3MzksInB1ciI6ImJsb2JfaWQifX0=--f096f71b1d2d71e664b8727411c54d47c7395f12/ai-a5c84ab0.webp - Shop clerk holding a package as a customer pays by smartphone at the checkout: https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MTk3NDUsInB1ciI6ImJsb2JfaWQifX0=--2047cedef57abf4c844d95144df17ffb36091273/ai-6fb7576f.webp --- Category: Case Study Source: https://injoys.com/en/articles/komsco-revenue-6386-billion-won-business-transformation License: cc_by Translation-Status: reviewed