[Herald Economy=Reporter Sejung Park] On the 14th, SK Square announced that its consolidated financial statements for the third quarter showed sales of 457.5 billion KRW, an operating profit of 1.162 trillion KRW, and a net profit of 1.1292 trillion KRW.
For the cumulative period from the first to the third quarter of this year, the company recorded sales of 1.4243 trillion KRW, an operating profit of 2.2606 trillion KRW, and a net profit of 2.1913 trillion KRW.
The portfolio management performance of SK Square’s subsidiaries, including SK Hynix and ICT affiliates, has reached full throttle, achieving the highest quarterly net profit since its launch in November 2021. The quarterly net profit this year has been on the rise, with 333.3 billion KRW in the first quarter, 728.8 billion KRW in the second quarter, and 1.1292 trillion KRW in the third quarter.
SK Square’s main body has secured approximately 1.1 trillion KRW in cash-like assets and has continued operating without any debt. The company explained that it is well-prepared for large-scale investments in future growth areas such as semiconductors and artificial intelligence (AI).
Throughout this year, SK Square focuses on enhancing corporate value through various management activities aimed at increasing shareholder value. The company plans to promptly decide on the destruction of 100 billion KRW worth of treasury shares purchased in April at a board meeting. It intends to announce a detailed ‘Corporate Value Enhancement Plan’ by the end of this month, aligning with the purpose of Korea’s corporate value-up programs.
As of the market close on the 13th, SK Square’s current market capitalization is 11.5346 trillion KRW (closing price at 85,600 KRW), a 1.6-fold increase since the beginning of the year, placing it within the top 30 of the KOSPI.
Profitability for portfolio companies such as 11st, T Map Mobility, and SK Planet has also improved.
11st achieved an operating profit surplus in its core open market business for seven consecutive months from March to September this year. It has also launched a supportive program for small sellers who experienced payment settlement issues, increasing the number of products sold and transaction amounts processed, ranking second in monthly active users (MAU) in the industry.
Notably, the cumulative net loss for the first to third quarters of this year was -53.3 billion KRW, an improvement of 31.9 billion KRW compared to -85.2 billion KRW in the same period last year.
T Map Mobility recorded a cumulative sales of 235.4 billion KRW and a net loss of -49.4 billion KRW for the first to third quarters of this year, marking increases of 29.6 billion KRW and improvements of 13.4 billion KRW, respectively, compared to the same period last year.
T Map Mobility’s AI-based location recommendation service ‘Where to Go,’ launched in September, surpassed 5 million accumulated users within a month. The company plans to secure financial stability by selling off non-core businesses in the future.
SK Planet is on the verge of achieving an annual net profit surplus. Its cumulative sales for the first to third quarters this year were 196.8 billion KRW, and the net profit was -200 million KRW, showing a sales increase of 100 million KRW and a net profit improvement of 13.8 billion KRW compared to the same period last year.
Han Myung-jin, President of SK Square, stated, “We will focus on value enhancement and liquidity of the existing portfolio while preparing for new investments in future growth areas thoroughly.”