Refine

리파인 · 377450

Information Technology IT Services · KOSDAQ

Small-cap

Market cap US$125.8M (₩173.6B)

Overview

Refine provides title-investigation services that help Korean banks and guarantee agencies check the legal status of a property before issuing a mortgage loan or rental-deposit guarantee, essentially verifying that a borrower's collateral is clean and unencumbered.

Its clients are financial institutions and guarantee bodies that outsource this due-diligence step. Listed on KOSDAQ, Korea's tech and small-cap board, the company earns the large majority of its revenue from a single service line: rights investigations tied to rental-deposit loans.

Summary is AI-generated and may contain errors · figures from DART filings

Financials

Source: DART · FY ending Dec · latest FY2025

Revenue · FY2025

US$44.6M

▼ −9.2% YoY

Operating profit · FY2025

US$13.7M

▼ −7.6% YoY

Net income · FY2025

US$6.6M

▼ −56.1% YoY

Revenue, operating profit and net income by fiscal year (USD; KRW in parentheses).
Metric	FY2023	FY2024	FY2025
Revenue	US$48.2M(₩66.5B)	US$49.2M(₩67.8B)	US$44.6M(₩61.6B)
Operating profit	US$16.3M(₩22.6B)	US$14.9M(₩20.5B)	US$13.7M(₩18.9B)
Net income	US$15.7M(₩21.7B)	US$14.9M(₩20.6B)	US$6.6M(₩9.1B)

Revenue

FY2023US$48.2M
FY2024US$49.2M
FY2025US$44.6M

Operating profit

FY2023US$16.3M
FY2024US$14.9M
FY2025US$13.7M

Net income

FY2023US$15.7M
FY2024US$14.9M
FY2025US$6.6M

Key ratios (FY2025)

ROE

4.1%

Debt/Eq

5.3%

Op. margin

30.8%

Net margin

14.7%

Rev. YoY

▼ −9.2%

Why it matters

Refine holds patents on the business models it developed for rental-deposit loan title investigation and for a collateral-loan process that links property registration with risk hedging through a title-insurance partnership.

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