KOMSCO: KRW 638.6 Billion Revenue and Business Shift

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.

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

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A customer makes a smartphone payment for a packaged product at a shop counter.

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

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.

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.

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.

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