Baedal Minjok recorded sales of over 4 trillion won last year as demand for delivery increased. However, operating profit slightly decreased due to rising expenses in the fiercely competitive free delivery sector.
On the 4th, Woowa Brothers, the operator of Baedal Minjok, disclosed that its consolidated sales and operating profit for last year were 4.3226 trillion won and 640.8 billion won, respectively. While sales increased by 26.6% compared to the previous year, operating profit decreased by 8.4%.
Baemin explained that the increase in delivery orders and sales was due to offering budget delivery for free since April of last year. However, operating profit decreased as expenses increased.
By institutional sector, service sales combining food delivery and brokerage commerce (grocery shopping and shopping) reached 3.5598 trillion won, a 30.9% increase compared to the previous year (2.7187 trillion won). Of this, the product sales of Baemin B Mart amounted to 756.8 billion won last year, reflecting a 10% increase over the same period the previous year (688 billion won). Baemin B Mart is a service in which products purchased directly by Baemin are delivered within one hour (quick commerce), making it a key project for Baemin.
Last year, the annual transaction volume of Baemin commerce (business) including B Mart, grocery shopping, and shopping surpassed 1 trillion won for the first time. The number of commerce customers increased by 49.4%, and orders rose by 38.8%.