SK Square Co. reported a record operating profit of 3.91 trillion won ($2.9 billion) for 2024, marking a dramatic turnaround from the 2.34 trillion won loss in the previous year. The South Korean tech investment firm, formed in 2021, attributed the financial recovery primarily to equity gains from semiconductor maker SK Hynix.
The company’s ICT portfolio showed significant improvement with operating losses narrowing to 194.1 billion won from 287.1 billion won. T Map Mobility, its transportation services unit, saw revenue climb to 322.6 billion won, a 35.5 billion won increase, while reducing operating losses by 35.6 billion won to 43.4 billion won.
Another subsidiary, e-commerce platform 11st, posted operating profits for 11 consecutive months after reorganizing its business lines and optimizing its direct purchase operations.
SK Square’s market capitalization has nearly doubled to 13.07 trillion won over the past year. The company plans to maintain its debt-free strategy while securing over 1.3 trillion won in cash assets for investments in AI and semiconductors.
CEO Han Myung-jin said the company redefined business strategies last year and will now focus on enhancing shareholder value and strengthening profitability. SK Square expects approximately 355 billion won in dividend income from SK Hynix and plans to generate additional capital by selling its remaining stake in SK Shieldus for about 500 billion won.
