SK Square reported on the 15th that its first-quarter consolidated revenue was 402.8 billion won, and operating profit was 1.6523 trillion won. Net profit amounted to 1.6123 trillion won.
Both operating profit and net profit increased by about 400% compared to the first quarter of last year. This reflects the increase in equity method gains from SK hynix and the profit improvement of major information and communication technology (ICT) portfolio companies. The company noted, "We improved the fundamental competitiveness and profitability of our portfolio companies through operations improvement (O/I) focused management."
As of the end of the first quarter, cash and cash equivalents stood at approximately 431.6 billion won. It is expected that cash inflows will amount to about 356 billion won from subsidiary dividends and approximately 500 billion won from the sale of remaining equity in SK shieldus within the year.
The combined operating loss of SK Square's major ICT portfolios, including T Map Mobility, 11Street, SK Planet, ONE store, Dreamus Company, Incross, and FSK L&S, showed an improvement of over 70% year-on-year, amounting to 11.4 billion won.
T Map Mobility's operating loss for the first quarter of this year was estimated at 9.4 billion won, reflecting an improvement of about 43% compared to the same period last year. 11Street recorded an operating loss of 9.7 billion won, improving by about 50%. ONE store reported an operating loss of 3.2 billion won, a 41% improvement. SK Planet achieved an operating profit of 8.3 billion won, turning profitable compared to the same period last year.
SK Square has exchanged equity stakes in quantum security firm IDQ and U.S. quantum computing company IonQ during the first quarter. As for new investments, the company recently completed investments in five U.S. and Japanese AI and semiconductor companies through joint investments with SK hynix, Shinhan Financial Group, and LIG Nex1. The company plans to invest a total of 100 billion won, including approximately 20 billion won from existing investments, focusing on overseas technology companies with high growth potential.
The company said, "From a mid- to long-term perspective, we are considering investments in global AI chips and infrastructure, keeping in mind synergies with SK hynix," and added, "Our goal is to secure investment resources of about 1.3 trillion won this year while maintaining debt-free management."
Han Myeong-jin, CEO of SK Square, stated, "We will diligently prepare for new investments focused on AI and semiconductors while striving to enhance shareholder value."