Suseong Webtoon, Q2 Sales Increase by 47% and Return to Net Profit Positive

Suseong Webtoon succeeded in improving its second-quarter performance thanks to the benefits from the Serious Accidents Punishment Act for logistics equipment and strong results in the subsidiary HBM equipment business.

Suseong Webtoon's cumulative sales for the second quarter reached 27.1 billion KRW, a 46.92% increase compared to the same period last year. Compared to the previous quarter, sales rose by 135.57%. The operating loss for the first half was 429 million KRW, reflecting one-time costs related to factory relocation. Excluding these one-time costs, the company explained that there was an operating profit of about 800 million KRW.

The net profit for the first half of this year turned positive at 2.247 billion KRW.

Suseong Webtoon’s main business focuses on logistics transfer equipment centered on electric forklifts. Last year, it recorded sales of 41.3 billion KRW. The increased demand for logistics equipment due to the Serious Accidents Punishment Act is driving sales. In the first quarter of this year, sales also increased by 80% year-on-year to 15.6 billion KRW. Having newly established a Webtoon IP division, Suseong Webtoon is promoting an OSMU (One Source Multi Use) business in cooperation with its subsidiary Toomics, including webtoons, webtoon-based video content, and merchandise. Recently, it signed webtoon supply contracts with Naver Webtoon and Kakao.

The synergy effect with subsidiaries has improved Suseong Webtoon’s performance. It oversees semiconductor inspection equipment subsidiary Future Hightech, global webtoon platform company Toomics, and entertainment agency The Queen AMC, which represents actor Kim Nam-joo. Toomics recorded sales of 29 billion KRW in the first half of this year, supported by strong overseas business. It posted an operating profit of 5.1 billion KRW and a net profit of 6.7 billion KRW.

Future Hightech expects sales of 50 billion KRW this year due to demand for HBM-related parts. Its sales and operating profit for the first half were 5.9 billion KRW and 390 million KRW, respectively, turning profitable. The Queen AMC reflected the performance related to the MBC drama 'Wonderful World,' which starred Kim Nam-joo and successfully ended in April this year, in Suseong Webtoon’s consolidated financial statements. The Queen AMC also expects related revenue as its contracted actress Ye Ji-won was cast in a public dating reality program aired on TV Chosun.

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