SOCAR returned to the black last year as it regained profitability.
SOCAR said on the 25th that on a consolidation basis, last year's revenue came to 470.7 billion won, up 9% from a year earlier. Operating profit reached 23.2 billion won, swinging to a profit. The company maintained a profit streak for six consecutive quarters through the fourth quarter last year. Gross profit was 102.0 billion won, up 26.7% from a year earlier.
Annual adjusted net profit was 6.4 billion won, and the company said that excluding one-off expense items recognized such as impairment losses at subsidiaries (24.8 billion won), it effectively achieved a turnaround to profit.
Profitability appears to have improved on the back of the "SOCAR 2.0" strategy, which maximizes a vehicle's lifetime value. As a result of data-driven demand forecasting and optimizing vehicle operations between car sharing and SOCAR Plan, gross profit per vehicle over its lifetime in 2024–2025 reached 14.2 million won, up about 40% from before the introduction of "SOCAR 2.0" (2022–2023).
Annual utilization also rose 3.1 percentage points (p) year over year to 37.8%, improving operational efficiency.
Fourth-quarter operating profit last year was 13.2 billion won, surging more than fourfold from a year earlier. SOCAR said, "This was the result of maximizing profitability through year-end-optimized vehicle allocation and indirect cost efficiencies."
This year, SOCAR will solidify the competitiveness of its core car-sharing business and step up preparations for next-generation growth engines. It plans to advance each car-sharing business model—short-term car sharing, SOCAR Plan, and test driving—to strengthen competitiveness across services, and apply artificial intelligence (AI) technology across internal operations and customer touchpoints to innovate operational efficiency.
It also plans to build a data flywheel for the commercialization of Autonomous Driving technologies based on accumulated driving data, securing mid- to long-term growth engines.
Park Jae-uk, CEO of SOCAR, said, "2025 was the year we proved SOCAR's structural profit-making capability through restructuring centered on the core business," adding, "This year, we will further raise corporate value through AI-driven operational innovation and investment in future mobility technologies."