Published 02 May.2025 11:19(KST)
K-webtoon company Suseong Webtoon has successfully turned a profit in the first quarter of this year, raising expectations for achieving its annual performance targets. The company is now considered to have entered a full-fledged phase of performance improvement, driven by the consolidation of subsidiary results, the structural growth of the webtoon market, and government policy support.
On May 1, Suseong Webtoon announced that, on a consolidated basis, it recorded sales of 30.9 billion KRW and an operating profit of 2.9 billion KRW in the first quarter of this year. These figures represent increases of 96.8% and 388.4%, respectively, compared to the same period last year. This marks the company's highest-ever quarterly performance.
A company representative explained, "An intangible asset amortization expense of about 900 million KRW was reflected, resulting in a final operating profit of 2.8 billion KRW," and added, "The profit generated from actual business activities reached 3.8 billion KRW." The representative continued, "Operating cash flow was 7 billion KRW, demonstrating the industry's highest level of cash generation capability."
Suseong Webtoon posted a net loss of approximately 1.1 billion KRW in the first quarter. The net loss was due to accounting-related bond valuation losses and corporate tax expenses. The company expects to minimize corporate tax occurrence and reduce bond valuation losses by completing the merger of subsidiaries within this year.
The improved first-quarter performance was attributed to the consolidation effects of webtoon platform 'Toomics' and content production company 'Terrapin.'
Suseong Webtoon has set its annual targets for this year at 145.4 billion KRW in sales and 17.8 billion KRW in operating profit. Given the first quarter's performance trends, these targets appear to be well within reach.
Government policies are also supporting the growth momentum of the webtoon industry. The Ministry of Culture, Sports and Tourism designated the content industry, including webtoons, as a national strategic industry through the 'K-Content Global Top 4 Strategy (3rd Basic Plan for Content Industry Promotion)' announced last year. A total of 5 trillion KRW in content policy finance will be injected by 2027.
Yoo Younghak, CEO of Suseong Webtoon, stated, "This year marks a strategic turning point where performance recovery, financial stability, and market growth momentum are converging." He added, "We are considering measures such as share buybacks to enhance shareholder value." He continued, "We will also actively expand IR activities targeting domestic and international institutional investors to strengthen communication with the market."
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