"Innocean Expands New Advertiser Development and Workforce, Q2 Operating Profit 26 Billion KRW... Down 20.1% (Comprehensive)"

[Asia Economy Reporter Yuri Kim] Innocean announced on the 9th that its operating profit for the second quarter of this year was 26 billion KRW, down 20.1% compared to the same period last year. During the same period, sales increased by 16.1% to 405.7 billion KRW, while net profit decreased by 45.7% to 12.2 billion KRW.

Operating profit for the first half of this year was 51.1 billion KRW, down 3.2% from the same period last year. Net profit for the first half was 32.6 billion KRW, a decrease of 17.1%.

Innocean stated, "The decrease in operating profit was due to increased labor costs from hiring new personnel to develop new advertisers and strengthen digital capabilities, as well as wage increases." They added, "The non-affiliated portfolio was strengthened through continuous development of new advertisers in the first half of the year," and "The non-affiliated ratio of the entire company is about 34% based on the first half gross profit (341.5 billion KRW)."

This year, the company plans to focus on strengthening the creative value chain, expanding metaverse and non-fungible token (NFT) businesses, and developing mobility service solutions. Innocean said, "We will strengthen major advertisers through enhanced domestic and international new car marketing and expanded digital marketing, while continuously reviewing merger and acquisition (M&A) opportunities to enhance shareholder value."