Galaxia Moneytree Reports 9.8 Billion KRW Operating Profit in 3Q Cumulative... "Expansion Centered on New Businesses"

Galaxia Moneytree's profitability significantly improved in the cumulative results for the third quarter, driven by growth in new businesses and cost reduction effects.

Galaxia Moneytree announced on the 14th that its cumulative consolidated sales for the third quarter of this year reached 98.2 billion KRW, a 1% increase compared to the same period last year. During the same period, operating profit and net profit increased by 40% and 151%, respectively, to 9.8 billion KRW and 4.4 billion KRW. Due to the improved performance, it is expected to record triple-digit operating profit for the first time this year.

On a separate basis for the same period, sales were 98.2 billion KRW and operating profit was 10.9 billion KRW, increasing by 1% and 13% respectively compared to the same period last year. Net profit during this period was recorded at 5.6 billion KRW.

The company explained that in the electronic payment (PG) business division, credit card payment sales have steadily grown, while the new business division has significantly expanded its scale. In particular, since June, the number of new issuances of the Moneytree Card, which added a simple payment function based on Paybook through a partnership with BC Card, has increased, driving related sales to grow more than sixfold compared to the same period last year.

A Galaxia Moneytree official stated, “The Moneytree Card has established itself as a core business leading stable growth alongside the main electronic payment business,” adding, “At the same time, we are solidifying our fundamentals through company-wide cost reduction efforts and flexible management of high interest rates by reducing debt.”

He continued, “Although there was a temporary decrease in scale in the online-to-offline (O2O) business division due to the settlement delay incident involving TMEF (Timon + Wemakeprice) in July, the related risks have now been largely resolved,” and said, “We will establish a sustainable growth foundation through expanding new businesses such as token securities issuance (STO) and improving profitability.”