Socar Achieves Operating Profit in Q3 2024

SEOUL, South Korea—The mobility platform Socar (403550. KS) reported an operating profit of KRW 4.6 billion (US$3.3 million) in the third quarter, marking its first profitable quarter.

Revenue rose 3.8% to KRW 117 billion (US$83.2 million).

Car-sharing revenue climbed 9.1% to KRW 104.7 billion (US$74.4 million), while platform business revenue surged 42.3% to KRW 12.1 billion (US$8.6 million).

Gross profit margin expanded to 22.6% from 18.8% a year earlier.

The company's vehicle fleet grew 3.9% year-on-year to 19,400 units in its short-term rental business.

Used car sales revenue dropped 98% to KRW 140 million (US$99,500) from KRW 8.15 billion as the company minimized vehicle sales to maximize fleet value.

Socar Plan, the company's long-term rental service, achieved a gross profit margin of 2.3%, with contract volume up 39% from the previous quarter.

The platform's transaction value reached KRW 28.1 billion (US$20 million), rising 40.6% from a year earlier. 

This was driven by a 41.8% increase in electric bicycle rides and a 36.3% growth in parking business transactions.