Krafton honored for its contribution to South Korea’ economy as its export revenue hits $1 billion

Krafton has been awarded by the South Korean government for its contribution to the development of the national economy. The PUBG maker was the only game company with such a large share of export revenue.

Krafton won the special Export Tower award hosted by the Korea International Trade Association and organized by the Ministry of Trade, Industry, and Energy, GameMeca reported on December 6.

This award is for domestic companies that contributed to the increase in national export competitiveness and industrial development.

The PUBG publisher was the only Korean game company to record $1 billion in export revenue this year. Overall, overseas sales account for 94% of Krafton’s total income.

“The $1 billion Export Tower Award is the result of recognition that products such as PUBG: Battlegrounds have contributed greatly to the development of the national economy and industry,” Krafton CEO Kim Chang-han said, adding that the company will continue to expand its IP and discover new opportunities to raise the status of the Korean games industry.

Despite reporting a successful third quarter with revenue of $320.4 million, Krafton has been struggling to diversify its portfolio and find new revenue streams besides the PUBG franchise.

Last week, the problematic launch of The Callisto Protocol negatively affected the company’s stock. Overall, Krafton shares have plunged 18% since December 2. Right now, they are trading at ₩180k ($136.5) per share.

This decline also led to NCSoft dethroning Krafton as the largest game company in South Korea by market cap. According to GameMeca, NCSoft is now valued at $7.7 billion, while Krafton’s capitalization is about $6.9 billion.

The other Korean game companies in the top 5 are Netmarble ($3.4 billion), Kakao Games ($2.75 billion), and Pearl Abyss ($2.27 billion).