INNOCEAN posted an operating profit of 39.8 billion won in the first quarter this year. That was up 33.3% from a year earlier.
INNOCEAN said on the 11th that under Korea International Financial Reporting Standards (K-IFRS), first-quarter gross profit came to 250.1 billion won, operating profit 39.8 billion won, and net profit 39.6 billion won.
Compared with a year earlier, gross profit rose 7.7%, operating profit 33.3%, and net profit 134.5%.
An INNOCEAN official said, "We achieved meaningful growth by diversifying our global portfolio, improving domestic results, innovating work processes based on an artificial intelligence (AI) transition, and cutting expense through organizational efficiency."
First-quarter results were driven by growth in the CX (customer experience) sector and a broad expansion of nonaffiliated advertisers. Overseas gross profit increased mainly in the Americas and Europe.
INNOCEAN also has a positive outlook for second-quarter results. The North and Central America World Cup to be held in June–July is expected to be a tailwind. INNOCEAN, an advertising affiliate of Hyundai Motor Group, has Hyundai Motor as a key client, and the company has been an official FIFA World Cup sponsor since 1999. For this World Cup, Hyundai Motor expanded the scope of sponsorship beyond automobiles to mobility areas such as autonomous driving and Robotics.
Executive Vice President Shin Seung-ho, head of finance at INNOCEAN, said, "Entertainment business in the Americas and sports marketing are repeatable growth engines, and we plan to continue expanding high value-added businesses by region and industry to enhance profitability and corporations value."
INNOCEAN recently established a local office in Bengaluru, known as India's Silicon Valley. The plan is to expand its role into a "tech-based business solutions hub" that integrates data, AI, and content. India's population is 1.4 billion, and the advertising market alone is expected to grow 9.7% next year.