On the 18th, the delivery application (app) Yogiyo announced that it successfully transitioned to profitability based on earnings before interest, taxes, depreciation, and amortization (EBITDA) in October. This marks the first time Yogiyo has turned a profit since GS Retail acquired equity in Yogiyo in 2021.
A Yogiyo representative noted, “Since October, we have recorded profits, achieving three consecutive months of profitability this month,” and explained that “the transition to profitability is a result of improving sustainability in terms of revenue and expense structures.”
Yogiyo believes that its free delivery membership service, “Yogipas X,” has played a significant role in its transition to profitability. “Yogipas X” is a service that offers unlimited free delivery benefits for a monthly fee of 2,900 won. Last month, the number of Yogipas subscribers exceeded 1 million, and this month it surpassed 1.3 million.
Kwon Taeseop, CFO and co-CEO of Yogiyo, stated, “Despite the slowdown in the delivery market and fierce competition, Yogiyo has established a sustainable revenue structure through operational efficiency, creating a stable financial environment,” and noted that “this achievement demonstrates the results of the company’s efforts toward improving its structure.”