KOMSCO Revenue Hits 638.6 Billion Won: Growth Drivers
KOMSCO's 2025 revenue was reported at 638.67 billion won. It explains the expanded business structure spanning gift certificate platforms and identity verification, while separately addressing the difference from the announced figure of 639.5 billion won and the outlook for new businesses.
Depending on the source, KOMSCO's 2025 revenue was announced as 638.6 billion won or 639.5 billion won.
The Digital Onnuri Gift Certificate's 17 million subscribers indicate the platform's scale and are not the same as revenue or the number of users who actually made payments.
Revenue from currency merchandise in 2025 was about 1.6 billion won, which must be distinguished from the 2026 forecast of 5 billion won.
KOMSCO participates as the organization dedicated to product authentication technology for the K-Brand Government Certification System.
The 2031 revenue target of 1 trillion won is a management goal for its 80th anniversary.
The Korea Minting, Security Printing & ID Card Operating Corporation recovered its revenue by expanding into businesses such as digital payments and authentication. Its 2025 revenue was reported at KRW 638.67 billion. However, another report citing the corporation gave a figure of KRW 639.5 billion.
The revenue figures are based on 2025 results covered in reports dated September 14 and 17, 2026.
Decline and Recovery in the Corporation's Revenue
The corporation recovered from the revenue decline through 2023 by expanding its non-currency businesses. The spread of card and mobile payments weighed on demand for currency production. The corporation responded by expanding the applications of its payment platforms and security technologies.
The Korea Economic Daily cited ALIO for the following annual revenue figures. Each amount is the annual revenue for that year. The same article described the 2025 results as the highest since the corporation was founded. The Korea Economic Daily's September 2026 report on results
Fiscal year | Reported annual revenue | Trend
2021 | KRW 550 billion | Benchmark before the decline
2022 | KRW 492.8 billion | Down from the previous year
2023 | KRW 446.1 billion | Continued decline
2025 | KRW 638.6 billion | Recovery above the 2021 level
Why Revenue for the Same Year Was Reported Differently
The reports reviewed do not provide enough information to determine why the two amounts differ. The Korea Economic Daily's September 14 report gave a figure of KRW 638.6 billion. The September 17 report covering the corporation's press briefing used KRW 639.5 billion. The difference between the two reported amounts is KRW 900 million. Financial News report on the 75th anniversary press briefing
This article does not assume that the difference is due to consolidated versus separate financial statements or year-end adjustments. Its year-by-year comparison follows the figures reported by The Korea Economic Daily. The exact amounts under each accounting basis should be checked in the audit report on ALIO.
What Is the Digital Gift Certificate Business?
The digital gift certificate business operates platforms that support issuance and use. The corporation supports gift certificate issuance, payment, and settlement. Merchant management is also included in the service. This represents an expansion from producing paper gift certificates to providing operational services.
Local Love Gift Certificates and Digital Onnuri Gift Certificates should be distinguished from each other. The corporation's 2025 operating plan also treats them as separate tasks. For Local Love Gift Certificates, it sought to secure participating local governments. For Digital Onnuri Gift Certificates, it sought to expand the nationwide payment network. Korea Minting, Security Printing & ID Card Operating Corporation's 2025 operating plan
Category | Local Love Gift Certificate platform | Integrated Digital Onnuri Gift Certificate platform
Business scope | Operation of gift certificates for participating local governments | Nationwide operation of Onnuri Gift Certificates
Task in the corporation's operating plan | Secure new local governments and retain existing customers | Expand the payment infrastructure and promote use
Basis for interpreting results | Contracts and operating results by local government | Integrated platform registration, use, and operating results
Reports from September 2026 described the Onnuri Gift Certificate platform as having 17 million registered users. It would be inaccurate to present this as the number of users of Local Love Gift Certificates alone. Nor can it be assumed that every registered user actually made a payment. Financial News explanation of platform registrations
Mobile IDs are another digital business that expanded at the same time. Mobile driver's licenses and mobile resident registration cards are leading examples. The recovery in results therefore cannot be attributed solely to a single gift certificate app.
The Difference Between Currency Merchandise and Art Coins
Currency merchandise is a cultural business that turns byproducts into products. The money cushion and money pen use byproducts from the currency production process. Merchandise revenue in 2025 was reported at about KRW 1.6 billion. The KRW 5 billion figure for 2026 is an annual forecast. Kukmin Ilbo's report on the currency merchandise business
Merchandise and precious-metal products generate revenue in different ways. Bullion medals are medals made from precious metals. Art coins combine precious metals with design. The corporation distinguishes merchandise, medals, and art coins in its operating plan. Korea Minting, Security Printing & ID Card Operating Corporation's cultural business operating plan
Business | Typical product characteristics | Factors to review when interpreting results
Currency merchandise | Everyday products made with currency byproducts | Sales volume and revenue by product
Bullion medals | Medals made with precious metals such as gold and silver | Sales volume and material prices
Art coins | Coins combining precious metals with cultural and artistic designs | Issuance and sales results, and the stage of the project
Example Calculation for the Merchandise Forecast
Based on the reported figures, the 2026 forecast is about 3.13 times the previous year's revenue. This is calculated by dividing KRW 5 billion by about KRW 1.6 billion. It is not a growth rate based on confirmed 2026 results.
Calculation item | Formula | Result
Difference between forecast revenue and previous-year revenue | KRW 5 billion - about KRW 1.6 billion | About KRW 3.4 billion
Forecast revenue as a multiple of the previous year | KRW 5 billion ÷ about KRW 1.6 billion | About 3.13 times
The growth rate of merchandise and its contribution to total revenue are separate matters. About KRW 1.6 billion is only part of total revenue measured in hundreds of billions of won. Merchandise sales alone cannot explain the recovery in the corporation's overall revenue.
How Does the Authenticity Verification Business Use Currency Technology?
Authenticity verification expands the application of anti-counterfeiting technology to products and works of art. Holograms and security printing make copying more difficult. Technology that embeds security patterns in images is called a digital watermark. Authentication systems read these patterns and other elements to verify authenticity.
The K-Brand Government Certification Program uses several security features together. The official technology guide describes holograms, AI digital watermarks, and unique codes. The Korea Minting, Security Printing & ID Card Operating Corporation participates as the agency responsible for the program's technology. Korea Intellectual Property Protection Agency's guide to authenticity verification technology
In the art sector, one contract was signed on May 29, 2025. The corporation signed a brand protection and security printing contract with artist Park Shin-yang's representatives. The announced applications were prints, certificates of authenticity, and postcards. The signing of the contract itself does not indicate the revenue scale of the overall business. NoCut News report on the contract signing
Comparison of the Government Certification Mark and Authenticity Verification Technology
The government certification mark is a program, while the watermark is a technology that supports it. The certification mark is approved for use after a review. Security technology supports verification that an approved product is authentic. Distinguishing these functions makes the corporation's role clear.
The Korea Intellectual Property Protection Agency's “Introduction to the K-Brand Government Certification Program” explains it as follows.
The government directly develops and applies for a national certification mark, reviews each applicant company, and approves its use.
This means that approval is required to display the certification mark. A security technology contract with the corporation alone does not complete government certification. The official guide presents approval for use and the application of technology as separate stages. Introduction to the K-Brand Government Certification Program
Category | Function | Point to distinguish
National certification mark | Indicates that a product has been approved | Use of the mark requires review and approval
Authenticity verification technology | Reads security features to help verify authenticity | Applies to products and authentication systems using the technology
Counterfeit monitoring | Uses scan data to identify counterfeit trends | Verification results are used for follow-up action
Government-wide response | Coordinates responses to counterfeit goods overseas | A separate response process from technical identification
Authentication methods may also differ by service. It should not be generalized that all authenticity checks require a dedicated app. The official K-Brand guide describes smartphone scanning without a separate app. K-Brand authenticity verification method
Scope of Exports and Past Performance Records
The corporation's business expansion also includes exports of security materials. Banknote paper and cotton pulp are supplied to overseas mints and other organizations. The results of overseas subsidiaries should be distinguished from the corporation's overall results.
Case | Announcement at the time | Scope to distinguish when interpreting
Indonesian banknote paper order | Announced in 2016, contract value of KRW 28.2 billion | Contract scheduled for delivery in 2016~2017
Global KOMSCO Daewoo results | Revenue of USD 10.6 million in the first half of 2018 | Half-year results of an overseas subsidiary
Corporation's revenue exceeded KRW 500 billion | Preliminary 2019 revenue of KRW 524.6 billion | Annual results announced in January 2020
The Indonesian contract was announced at the time as the corporation's largest single export contract. The delivery period ran from 2016 to 2017. The full contract value should not be treated as revenue for the year in which it was announced. Press release published at the time on the Korea Minting, Security Printing & ID Card Operating Corporation's online store
Global KOMSCO Daewoo is a subsidiary that produces cotton pulp, a raw material for banknote paper. Its results announcement for the first half of 2018 cited expansion in export markets. It also pursued the development of cotton pulp for industrial uses other than banknotes. The Korea Financial Newspaper's 2018 report on subsidiary results
The announcement of 2019 results covered records for revenue, operating profit, and exports. Revenue from pioneering new businesses, including bullion medals, was reported at KRW 295.5 billion. Those records cannot be applied unchanged to 2025. Newsis report on preliminary results from January 2020
Conditions for Subscriber Growth to Lead to Revenue Growth
A platform's profitability cannot be judged solely by its number of registered users. The corporation's 2025 operating plan included lowering the fee rate for mobile gift certificates. This was a task intended to retain existing customers. Even if usage grows, the extent of revenue growth varies depending on contract terms. Korea Minting, Security Printing & ID Card Operating Corporation's 2025 operating plan
This distinction is necessary when assessing the results of business expansion. Gift certificate payment volume is the amount transacted through the platform. The corporation's revenue is the amount recognized as compensation for providing the service. Operating costs must also be considered when evaluating profit.
Metric | What it shows | What cannot be determined from the metric alone
Registered users | Number registered for the service | Actual frequency of use and profitability
Gift certificate payment volume | Transaction volume processed on the platform | Revenue attributable to the corporation
Business revenue | Business income recognized in the accounts | Profit after deducting costs
Operating profit | Result after deducting expenses from operating income | Full explanation of the causes of growth by business
Growth in registered users is evidence that the business base has expanded. However, the exact amount that gift certificates contributed to revenue growth requires separate verification. Revenue by business and contract terms must be reviewed to calculate the contribution.
Common Mistakes When Reading Results and Targets
Actual results, forecasts, and management evaluations should not be grouped together as the same performance metric. The corporation received an A grade in the 2025 management evaluation of public institutions. The related announcement described the expansion of digital businesses and improved profitability. The evaluation grade itself is not a figure proving the profit of a specific business. Money Today's June 2026 report on the management evaluation
· Confusing fiscal years: Revenue for the previous year reported in 2026 refers to 2025 results.
· Confusing registered users with active users: The number of registered users should not be presented as the number of people who actually made payments.
· Confusing forecasts with results: Merchandise revenue of KRW 5 billion is a forecast for 2026.
· Confusing contracts with revenue: Export order values must be distinguished from revenue recognized over the contract period.
· Confusing revenue with profit: A revenue record alone cannot confirm a record operating profit.
What the KRW 1 Trillion Revenue Target for 2031 Means
KRW 1 trillion in revenue is a target for 2031, the corporation's 80th anniversary. This vision was also presented at a meeting of former presidents in August 2026. At the time, the corporation said it would continue internal discussions and expert reviews. Newsis report on discussions of the 2031 vision
This target is not a contract value already secured or confirmed revenue. Future performance must be verified through revenue from platform operations and the authentication business. Actual profits from cultural product sales and overseas businesses should also be reviewed.
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