The mobility platform SOCAR announced on the 12th that it turned to profit in the second quarter with an operating profit of 1.8 billion won compared to the same period last year.
SOCAR reported through its earnings announcement that it achieved a revenue of 98.7 billion won in the second quarter. While revenue decreased by 3.0% compared to the same period last year, the operating profit continued to be in the black for four consecutive quarters, maintaining profitability. The cumulative operating profit for the last four quarters reached 10.9 billion won, improving by 34.6 billion won compared to the previous 12 months (-23.7 billion won).
The short-term lending institutional sector showed growth through a data-driven vehicle reallocation strategy. Gross profit (GP) was 18.7 billion won, an increase of 20.4% compared to the same period last year, while the gross profit margin (GPM) rose to 24.1%, an increase of 27.5% compared to the same period last year, marking a record high for the second quarter.
SOCAR improved operational efficiency through asset optimization and profit structure enhancement. The utilization rate of short-term lending vehicles in the second quarter reached 38%, the highest figure recorded for a second quarter, thanks to a supply strategy tailored to vehicle demand and location. Revenue per vehicle increased by 13.1% compared to the same period last year, reaching 1.79 million won, thus enhancing efficiency and profitability.
The SOCAR plan, which offers rental services for more than one month, successfully turned to GP profit in the second quarter, achieving GP profitability for four consecutive quarters. GP was 0.55 billion won, and GPM was 7.6%, achieving a turnaround compared to the same period last year. The number of operational vehicles increased by 16% from the first quarter, while maintaining stable profitability.
SOCAR CEO Park Jae-wook noted, "This year, we proved improvements in utilization and profit margins through a revenue-centered management strategy for the first half," adding, "In the second half, we will overhaul the pricing system and UI/UX to enhance the car-sharing experience, while accelerating new revenue growth through channeling." He further added, "We aim to make this year a year of structural transition to net profit and realization of shareholder value."