Innocean Reports Operating Profit of 25.1 Billion KRW in Q1, Up 24% YoY (Comprehensive)

[Asia Economy Reporter Lim Chun-han] Innocean announced on the 9th that its consolidated operating profit for the first quarter of this year was tentatively estimated at 25.1 billion KRW, a 24% increase compared to the same period last year.

Sales increased by 31.3% year-on-year to 346.7 billion KRW. Net profit rose by 21.3% to 20.3 billion KRW.

Innocean explained that domestically, the increase was due to the COVID-19 base effect and increased promotional agency volume from events such as the Consumer Electronics Show (CES) and new car launch events. Overseas, performance improved across all regions due to recovery in non-affiliated businesses mainly in the Americas and favorable exchange rate effects.

The proportion of overseas business in the first quarter of this year was 80%, up 3 percentage points from the previous year. The contribution to gross profit by region was 54% from the Americas, 20% from domestic, 13% from Europe, 12% from emerging markets, and 2% from China.