Kurly Achieves Q2 EBITDA Profit, Expands E-commerce Reach

Seoul, South Korea - Kurly reported positive adjusted EBITDA for the second consecutive quarter in the first half of 2024 despite challenging market conditions.

Key figures for Q2 2024:

• Revenue: KRW 538.7 billion (US$397 million), up 6% year-over-year
• Operating loss: KRW 8.3 billion (US$6 million), improved by KRW 0.39 billion (US$29 million)
• Adjusted EBITDA: KRW 1.2 billion (US$1 million), up from a loss of KRW 38.2 billion (US$28 million)

Kurly's logistics optimization efforts have been crucial to its improved financial performance. 

Closing its less efficient Songpa logistics center and opening automated facilities in Changwon and Pyeongtaek have significantly enhanced order processing capabilities. 

This operational streamlining has contributed to a 5.5 percentage point improvement in selling, general, and administrative (SG&A) expenses ratio in the first half of 2024 compared to last year.

This financial turnaround is particularly noteworthy given Kurly's continued investment in growth initiatives. 

The company has revamped its membership program, launched a new quick-commerce service called Kurly Now, and expanded its service areas. 

These moves suggest a strategic balance between profitability and market expansion.

Gross Merchandise Value (GMV) for the first half of 2024 increased 13.8% year-over-year to KRW 1.5 trillion (US$1.1 billion).

The company reported cash and cash equivalents of KRW 222.8 billion (US$164 million) at the end of H1 2024, citing improved cash generation capabilities.

* US$1 = KRW 1,355.84