SOCAR reported an operating profit of 1.4 billion won for the first quarter of 2025, achieving its first-ever profit in the first quarter since its establishment.
First-quarter sales reached 131.5 billion won, up 45.2% from the same period last year, marking the highest quarterly figure ever. This represents an improvement of 1.21 billion won from a loss of 10.7 billion won in the first quarter of last year, allowing SOCAR to maintain profitability for the third consecutive quarter.
While the car-sharing institutional sector saw a slight decrease in revenue at 83.1 billion won, the used car sector significantly increased to 42.6 billion won through maximizing the lifecycle value (LTV) of vehicles. Short-term car-sharing revenue grew by 1% year-on-year to 74.6 billion won, and the SOCAR Plan achieved a 94% increase in average monthly contracts compared to the previous year, successfully turning its gross profit positive.
SOCAR improved profitability and efficiency by increasing the average vehicle retention period to over 12 months. Through a vehicle operation strategy based on the balance of supply and demand, it established a structure that allows revenue generation even in off-peak seasons. Additionally, the parking platform 'Everyone's Parking Lot' grew 20% to 2.3 billion won in the first quarter, while the electric bicycle sharing service 'SOCAR Elecle' decreased slightly to 3.5 billion won, although profitability per device improved.
Park Jae-wook, CEO of SOCAR, said, 'As a result of the SOCAR 2.0 strategy, revenue and profit per vehicle are increasing,' adding, 'This year, we will strive to generate substantial profits every quarter through profit-centered management.'