Suppro

Supro's core business is the production and distribution of landscaping trees—primarily pine, cherry blossom, and Japanese maple varieties—supported by an in-house Plant Environment Research Institute that internalizes advanced nursery cultivation technology.

The company operates from its headquarters in Yangjae-dong, Seocho-gu, Seoul, with production farms located in Yeoju-si, Gyeonggi Province, giving it a vertically integrated structure from cultivation to distribution.

Revenue is divided into two segments: tree product sales (direct sales of individual tree species) and construction/service revenues (natural environment restoration works and urban greening projects). Both segments are closely tied to domestic construction and urban development activity cycles.

Tree-related sales represent the dominant share of revenue, while construction and service revenues have shown sharp sensitivity to the broader construction market—declining approximately 34% in the fiscal year ending March 2023 amid sector-wide headwinds.

Overseas operations include desertification prevention and environment restoration projects in China and Central Asia, with more recent efforts focused on exploring forest REDD+ carbon credit cooperation with Oman's Environmental Authority, as reported in November 2023.

The broader landscaping industry has historically grown alongside large-scale development projects such as new administrative cities, eco-parks, and golf courses, but has been adversely affected since 2022–2023 by tightening project financing conditions and a domestic construction slowdown.

In terms of competitive positioning, Supro competes with a fragmented group of small-to-mid-size landscaping tree producers and distributors, with its KONEX-listed brand profile and research institute-backed technology serving as modest differentiators.

With annual revenues in the KRW 20–26bn range, achieving economies of scale and optimizing its cost structure remain the central medium-to-long-term challenges.

For the fiscal year ending March 2024 (FY2024/03), Supro recorded revenue of approximately KRW 26.24bn, representing a 31% increase from the prior year, signaling a meaningful demand recovery according to NICE Credit Information data.

Despite the top-line rebound, the company reported an operating loss of approximately KRW –0.75bn, indicating that cost pressures have not been sufficiently offset by the revenue upturn.

In the prior fiscal year (FY2023/03), revenue contracted by approximately 16.3% to roughly KRW 20bn, with operating income swinging into the red.

Tree product sales fell approximately 9% while construction and service revenues plunged roughly 34%, exacerbated by a 29% increase in SG&A expenses that pushed the company into operating loss territory for the first time in recent history.

Total assets as of FY2023/03 stood at approximately KRW 10.8bn, down 7% year-on-year, primarily due to a sharp contraction in construction-related trade receivables. On the stock price front, shares closed at KRW 957 on May 15, 2026, within a 52-week range of KRW 645–1,400, reflecting significant price volatility.

As of the report reference date of June 7, 2026, the price had retreated to KRW 899, approaching the lower end of the 52-week range. Trading liquidity remains extremely constrained, with daily trading value often in the low millions of KRW or absent altogether—a structural characteristic of the KONEX market overall.

In the near term, the trajectory of domestic construction and landscaping project awards is the primary driver of Supro's financial outlook.

Government-led urban greening and eco-park development programs could provide sustained medium-term demand support for landscaping trees, but an immediate recovery in construction and service revenues is unlikely as long as private-sector project financing stress persists.

Overseas expansion in carbon credits and REDD+ forestry presents a credible medium-to-long-term growth driver in the context of increasingly supportive climate policy, though the path to commercialization remains uncertain and lengthy.

The potential commercial application and overseas export of the company's smart nursery technology is another avenue to watch, though no concrete milestones have been disclosed through public filings to date.

A transition to KOSDAQ could serve as a valuation re-rating catalyst, but achieving sustainable operating profitability is a prerequisite for any such move.

Overall, while revenue growth momentum appears to be gradually recovering, the pivotal question remains whether the company can reduce its SG&A burden and restore positive operating income, which will determine its long-term viability.