SK Networks Reports 3Q Operating Profit of 47.2 Billion KRW, Up 6.9% Year-on-Year

Jeju Short-Term Rental Car Business Boom + Used Car Market Surge Drive SK Rent-a-Car's Significant Performance Improvement

[Asia Economy Reporter Yoo Je-hoon] SK Networks announced on the 8th that it recorded consolidated sales of 2.8159 trillion KRW and an operating profit of 47.2 billion KRW in the third quarter. These figures represent increases of 10.0% and 6.9%, respectively, compared to the same period last year.

By segment, SK Rent-a-Car showed significant performance improvement due to the boom in short-term rental car business centered on Jeju Island and improved resale rates of used cars. Additionally, SK Rent-a-Car Direct, an online quotation and contract service for long-term rentals, was fully launched, receiving favorable market responses through short-term rental discounts and free electric vehicle charging events.

In the case of SK Magic, new products such as the stand-type direct ice water purifier, Triple Care dishwasher wide, and All Power induction were consecutively introduced, achieving 2.16 million rental accounts. Furthermore, SK Magic enhanced its brand value by winning five products including the Triple Care dishwasher and the customer experience space 'It's Magic' at the global design award IDEA 2021.

Meanwhile, the ICT recycling brand Mintit showed results in used phone collection through marketing and channel expansion linked to new smartphone releases by manufacturers such as Samsung and Apple. In the hotel business, efforts were focused on reducing losses caused by COVID-19 by opening new customer service venues such as the Walkerhill goods store 'Sweet Home by Walkerhill' and the complex art space project 'Print Bakery Walkerhill Flagship Store.'

An SK Networks official stated, "Through strengthening SK Rent-a-Car’s online channels and marketing of electric vehicle rental products, as well as the launch of SK Magic’s Green Collection and expansion of distribution channels, customer-centered ESG management achievements will continue in the fourth quarter." He added, "We will also strive to establish Mintit and Catini, which were spun off last month, as platforms by leveraging the expertise of each business."