[Click eStock] "Global Tax Free, Q2 Earnings Are a Preview... Entering a High-Growth Phase"

FS Research analyzed on the 18th that Global Tax Free has entered a high-growth performance phase.

Global Tax Free recorded consolidated sales of 22.9 billion KRW and operating profit of 3.4 billion KRW in the second quarter. Compared to the same period last year, sales increased by 137.3%, and operating profit turned positive. Kim Yong-ho, a researcher at FS Research, stated, "Compared to the second quarter of 2019, before COVID-19, sales and operating profit grew by 49.7% and 105.5%, respectively," adding, "It is very positive that despite the number of Chinese tourists in the second quarter of this year recovering to only 27.4% of the same period in 2019, the company achieved sales and operating profit at the average quarterly level of 2019."

As inbound tourists increase, the amount of VAT refunds also rises. Since Global Tax Free's commission revenue is proportional to the VAT refund amount, an increase in the number of arrivals directly benefits Global Tax Free. In particular, the resumption of group tours from China is expected to directly benefit Global Tax Free. He explained, "Chinese tourists with high purchasing power accounted for 52.2% of Global Tax Free's average monthly commission revenue in 2019," and "the resumption of group tours this time will act as a direct benefit to Global Tax Free."

FS Research forecasts that Global Tax Free will achieve sales of 99.1 billion KRW and operating profit of 17.3 billion KRW this year. Sales are expected to increase by 100.8% compared to the previous year, with operating profit turning positive. He emphasized, "As foreign arrivals are rapidly rebounding amid the normalization of global travel demand, the resumption of group tours from China is expected to accelerate the company's performance improvement faster than previously anticipated."

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