Redcap Tour Reports Operating Profit of 36.3 Billion KRW Last Year... "Record High Performance" (Comprehensive)
Redcap Tour announced on the 9th that its consolidated operating profit last year was 36.32162 billion KRW, an increase of 77.4% compared to the previous year. During the same period, sales rose 14.5% to 262.06479 billion KRW, and net profit increased by 75.6% to 21.23527 billion KRW.
The growth of the rental car business and the recovery of the travel business drove the performance. Rental car business sales amounted to 235.6 billion KRW, up 8.6% year-on-year. Operating profit increased by 33.9% to 37 billion KRW. This was due to stable revenue secured through an increase in long-term rental contracts and improved profitability. The number of vehicles owned increased by more than 15%, from about 20,000 at the end of 2021 to about 23,000. Corporate contracts and government/public institution contracts increased by 24%, and eco-friendly vehicles such as electric and hybrid cars increased by 40%.
Travel business sales reached 26.4 billion KRW, a 121% increase compared to the previous year, recording an operating loss of 700 million KRW. The company explained that since turning a profit in May last year, it recorded operating profits consecutively in the third and fourth quarters, entering a full-fledged recovery phase. The annual number of outbound travelers was about 148,000, a 178% increase compared to the previous year. This is about 38% of the number of outbound travelers in 2019 before COVID-19.
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The year-end dividend is 700 KRW per share. The dividend yield is 3.6%, and the annual dividend including the interim dividend is 900 KRW per share. Inyuseong, CEO of Redcap Tour, said, "Despite the difficult management environment last year, we achieved record-high performance through selective orders focused on profitability and risk management," adding, "This year, we will focus on solid management that quickly responds to rapidly changing market conditions."
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