T Map Mobility, Grown Strong After Independence... Set to Achieve Revenue Growth This Year

One Year After SK Telecom Spin-off, Capital Quadrupled
Expanding Rental Car and Airport Bus Sectors This Year
Corporate Value Expected to Reach 3 Trillion in 2024

[Asia Economy Reporter Cha Min-young] T map Mobility, which is growing into a comprehensive mobility company, has increased its size more than fourfold in just over a year since its spin-off from SK Telecom. This year, it is accelerating its revenue growth by expanding its business areas to include rental cars and airport buses.

According to the consolidated audit report released on the 1st, T map Mobility's assets, which were 170.3 billion KRW at the end of 2020, increased 4.4 times to 753.9 billion KRW in 2021. Among these, capital increased nearly fourfold (490 billion KRW) from 153.2 billion KRW to 643.6 billion KRW, and liabilities also rose by about 80 billion KRW from 17.2 billion KRW to 110.3 billion KRW.

T map Mobility was spun off from SK Telecom as an independent corporation on December 29, 2020. Based on 'T map,' the number one navigation platform, it is expanding from car-centered services to various transportation modes such as designated driver services, rental cars, taxis, and kickboards. The monthly active users (MAU) of T map, which were below 12.5 million in early 2020, have maintained around 13 million since last year. It is also accumulating big data to pioneer the future mobility market.

This year's key focus is on rental cars and airport bus businesses. Last year, it laid the groundwork by acquiring two companies, Seoul Airport Limousine and Airport Limousine, operating in the Gangnam-Gangbuk area of Seoul, for 197.9 billion KRW. These companies operate a total of 350 vehicles and account for 20% of the total Seoul-airport transportation demand. Going forward, T map Mobility plans to replace airport buses with eco-friendly vehicles such as electric and hydrogen cars. It will also launch rental car services linked with the rental car platform 'Camoa.'

In the securities industry, considering the revenue growth trend, it is analyzed that the corporate value of about 1.4 trillion KRW last year will smoothly reach 3 trillion KRW around 2024. The consolidated revenue in 2021 was 74.5 billion KRW. Kim Hyun-yong, a researcher at Hyundai Motor Securities, explained, "From 2022, revenue is expected to grow at an ultra-fast pace close to doubling," adding, "This is because B2C revenues such as taxi, designated driver, parking, and subscription services will be fully activated, entering an explosive growth trajectory."

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