Seoul, South Korea – In its quarterly report, South Korean retail technology company Kurly Inc. announced that it had achieved its first-ever quarterly operating profit in the first quarter of 2024.
Kurly's revenue for the quarter was KRW 538.1 billion (US$394.4 million), representing a 6% increase from the same period last year.
The operating profit was KRW 525.7 million (US$385,500), representing an improvement of KRW 31.4 billion from the previous year.
The company attributed the achievement to fundamental improvements in its profit structure, including diversifying revenue sources and reducing delivery and commission costs.
The company's delivery and commission costs decreased by 6% year-on-year, amounting to KRW 63.8 billion, representing 11.9% of total revenue.
This represents a 1.5 percentage point decline.
Kurly's gross merchandise value (GMV) increased by 13% to KRW 736.2 billion, driven by the growth of its third-party seller platform and beauty business.
Moreover, the company reported its inaugural quarterly positive EBITDA of KRW 7.1 billion, representing an improvement of KRW 29.7 billion from the previous year.
In the future, Kurly will concentrate on enhancing its growth potential and identifying prospective growth drivers while maintaining its break-even point regarding cash flow.
This objective will be achieved by optimizing the company's cash-generating capabilities.
US$1=KRW1364.48
