Socar Q2 Revenue ₩98.7 Billion, Posts 4th Consecutive Quarter of Operating Profit

**Socar, 4 Consecutive Quarters of Profitability! Performance Signals Green Light with Enhanced Profitability** Mobility platform Socar has continued its impressive performance improvement through a profit-oriented management strategy, achieving operating profit for an impressive four consecutive quarters, up to the second quarter of this year. According to the recently announced second-quarter results, Socar firmly maintained its positive earnings trend, achieving an operating profit of 1.8 billion won, despite a slight 3.0% decrease in revenue to 98.7 billion won compared to the same period last year. Notably, the cumulative operating profit for the past four quarters totaled 10.9 billion won, showcasing a dramatic improvement of 34.6 billion won from a 23.7 billion won deficit in the preceding 12 months. Performance by business segment is also remarkable. Socar's core business, the short-term car-sharing segment, recorded robust growth. Gross profit (GP) reached 18.7 billion won, a 20.4% increase year-over-year, and the gross profit margin (GPM) rose by 27.5% year-over-year to 24.1%. These achievements are a result of maximizing operational efficiency through data-driven, efficient vehicle redeployment strategies. In the second quarter, the utilization rate for short-term car-sharing vehicles was 38%, and revenue per vehicle increased by 13.1% year-over-year to 1.79 million won, clearly demonstrating improved profitability. The Socar Plan segment, which offers long-term rental products for one month or longer, also sent positive signals by successfully turning profitable. Despite a 16% increase in the number of operational vehicles compared to the first quarter, it recorded a gross profit of 550 million won and a gross profit margin of 7.6% in the second quarter, establishing a stable profit base. Park Jae-wook, CEO of Socar, stated, "The profit-oriented management strategy in the first half of this year led to successful results, improving utilization rates and profit margins." He further announced plans for the second half to further enhance the car-sharing user experience through reforms to the fee structure and UI/UX (User Interface/User Experience), and to focus on expanding new revenue through various channeling efforts. CEO Park concluded by expressing a strong ambition to make this year "the first year for a structural shift to net profit and the realization of shareholder value," thereby raising expectations for Socar's continued growth.