AI transformation (AX) specialist InoAX said on May 18 that its first-quarter consolidated revenue came to 7.14 billion won, up 24.5 percent from a year earlier.

Operating profit was 460 million won and net profit was 620 million won, maintaining profitability. The company said enterprise software specialist SJ Link was brought in as a subsidiary and reflected in consolidated financial statements, and higher standalone revenue also contributed to growth.

InoAX's first-quarter standalone revenue at its headquarters rose 12.2 percent from a year earlier to 6.27 billion won. Its order backlog stood at 16.08 billion won at the end of the first quarter.

Operating profit stayed at a similar level to a year earlier. The company said its operating margin edged down to 6.4 percent from 8.1 percent as it made preemptive staffing investments to ramp up its AX business even as consolidated revenue expanded.

InoAX said it is carrying out AI-based work automation projects centered on key clients in the financial sector, and that demand for AX transformation among existing clients is also increasing.

InoAX CEO In-soo Jang (장인수) said, "As headquarters revenue increased 12.2 percent from a year earlier and we solidified a strong foundation, AX-related orders also continued to rise and tangible results have begun to emerge." He added, "Expectations are high for this year's revenue performance."