[Public Notice+] Global Tax Free Reports 6.9 Billion KRW Operating Profit in Previous Year on Consolidated Basis... 895% Increase YoY

[Asia Economy Reporter Hyunseok Yoo] Global Tax Free (hereinafter GTF) announced on the 25th that it achieved consolidated sales of 59.8 billion KRW and operating profit of 6.9 billion KRW last year. Sales and operating profit increased by 44% and 895%, respectively, compared to the same period last year.

Last year, by successfully completing the acquisition of the KTIS Tax Refund business division, GTF saw significant growth in sales and operating profit compared to the same period last year, supported by increased market share within the industry and the expansion of incentive group visits from China and Southeast Asia.

According to tourism statistics from the Korea Tourism Organization, the number of foreign tourists visiting Korea last year was 17.5 million, a 14% increase compared to the same period last year. This also surpassed the 17.24 million foreign tourists who visited Korea in 2016 before the Hanhanryeong (THAAD) restrictions. Among them, the number of Chinese tourists was 6.02 million, an increase of 25.8% compared to the previous year.

A GTF official stated, “With the increase in foreign tourists visiting Korea, quarterly performance steadily improved from the first quarter last year, recording the best results in the fourth quarter.” He added, “However, due to recent uncertainties caused by COVID-19, a short-term decline in foreign tourists seems inevitable, but performance recovery after the COVID-19 situation is expected to proceed rapidly.”

Meanwhile, starting from April this year, the immediate refund limit at post-tax refund stores will be changed from 300,000 KRW per transaction to 500,000 KRW, and the per-person limit will be expanded from 1 million KRW to 2 million KRW. The company expects that the domestic tax refund market will become even more active in the future.

This content was produced with the assistance of AI translation services.