Hyosung TNS, a technology unit of machinery-to-chemical conglomerate Hyosung Group, said Sunday it is on track to post record sales on expanded exports of automatic teller machines.
Hyosung TNS expects to report an operating profit of 65 billion won ($55 million) on sales of 700 billion won for the year, jumping from 25 billion won and 500 billion won, respectively, a year ago.
"Hyosung has provided customized ATMs to meet each market's separate demands, like the ones delivered to Nigeria that recognize only fingerprints for withdrawing money due to theft and duplication. It has led to increased exports of our ATMs," a company spokeswoman said.
Hyosung TNS has shipped its ATMs to over 20 countries including the United States, Russia, Mexico and India, as well as the Middle East, the company said.
The company accounts for 46 percent of the North American ATM market and 80 percent of the Russian ATM market. It will explore new markets to improve its bottom line, it said.
In September, the company made a 223 billion-won deal to supply 8,000 ATMs to Mexico by the end of 2020.
Domestically, six out of 10 cash machines sold are manufactured by Hyosung. The number of ATMs in the country reached 14,000 this year.
Hyosung's own "cash recycling technology" has allowed the company to become the world's third-biggest ATM provider, with a market share of 16 percent, the spokeswoman said.
The technology allows customers to withdraw money that has been deposited in a machine. In most existing ATMs, there are two separate areas for deposited money and for money to be withdrawn, so bank officials have to refill the latter area when it is empty. (Yonhap)