SKB Creates Social Value of 591.9 Billion KRW Last Year... 14% Increase from Previous Year

[Asia Economy Reporter Lim Hye-sun] SK Broadband announced on the 29th that it created social value worth 591.9 billion KRW last year, representing the total sum of achievements contributing to solving social issues. This is a 14% (72.3 billion KRW) increase compared to the previous year.

Social value refers to the value contributed to solving or alleviating social problems faced by the company's stakeholders. Specifically, it is determined by summing three indicators: ‘Economic Indirect Contribution Performance,’ ‘Social Performance,’ and ‘Environmental Performance.’

Regarding ‘Economic Indirect Contribution Performance,’ which indirectly contributes to the economy through job creation and tax payments, SK Telecom’s corporate business acquisition and increased tax payments due to operating profit growth led to a 14% increase from the previous year, reaching 597.5 billion KRW.

‘Social Performance,’ which reflects achievements in solving social issues through SK Broadband’s products and services, reached 29.9 billion KRW, a 2% increase from the previous year. This was driven by the launch of ‘B tv Uri Dongnae Gwanggo’ (B tv Our Neighborhood Advertisement) to support marketing activities for small business owners and the provision of a blackhole service that blocks DDoS attacks targeting universities, thereby preventing cybercrime damage in advance.

In the case of ‘Environmental Performance,’ although the expansion of eco-friendly low-power set-top box distribution significantly increased product and service achievements, the growth of the IDC business, which has high power demand, led to an increase in greenhouse gas emissions, resulting in an overall 11% decrease compared to the previous year.

Since 2018, SK Group has been converting social value creation achievements into monetary units and disclosing them externally. Starting this year, detailed formulas and data by affiliates are also being shared externally so that stakeholders and other companies can utilize them.

SK Broadband emphasized, “What is more important than the social contribution activities themselves is examining how much social value has actually been created,” adding, “Measuring and evaluating value is part of creating greater social value.”

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