T map Mobility Reports 68.8 Billion KRW in Q2 Revenue... Operating Profit Turns Positive
Tmap Mobility announced on the 14th that it recorded consolidated sales of 68.809 billion KRW in the second quarter. This represents a 52.5% increase compared to the previous year (45.116 billion KRW). The combined quarterly operating profit of its business subsidiaries successfully turned positive.
The increase in sales was the result of balanced growth in the main businesses of the Tmap (TMAP) platform and the performance of its business subsidiaries. Sales of key services for drivers (such as designated driver service, valet, and TMAP Auto) rose by 175%, driving growth. Improvements in the completion rate of designated driver trips due to an increase in driver subscribers, along with the steady expansion of offline valet stores (around 400 stores as of July), led to notable achievements. Sales in the data sector (UBI, API/Data, advertising, etc.) increased by 39% year-on-year, and freight brokerage rose by 19%.
The quarterly net loss was 21.712 billion KRW, improving by 21.3 percentage points compared to the same period last year (△23.863 billion KRW). Tmap Mobility explained, "Despite overall business scale expansion and an increase in personnel, we are rapidly improving profitability through cost efficiency."
Business subsidiaries such as logistics transport broker YLP and Logisoft also quickly stabilized their operations and succeeded in turning profitable. In particular, airport buses achieved a steep sales increase of 33 times compared to the same period last year, driven by the recovery in travel demand following the endemic phase.
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Lee Jaehwan, Chief Strategy Officer (CSO) of Tmap Mobility, said, "Tmap is evolving beyond a national navigation app into a comprehensive mobility platform with 20 million subscribers. In September, we will integrate public transportation services for non-drivers and continue to grow steadily as a comprehensive mobility platform while also improving profitability."
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