Suseong Webtoon announced on March 3 that its consolidated sales for the previous year increased by 35%, rising from 68.6 billion won to 92.7 billion won. Gross profit also grew approximately threefold, expanding from 21.1 billion won to 62.6 billion won, significantly improving the profit base alongside top-line growth.
The company turned a profit, recording an operating profit of 4.7 billion won. According to the company, "When combining depreciation expenses of 2.4 billion won and amortization of intangible assets totaling 7.5 billion won, EBITDA stands at approximately 14.6 billion won. This demonstrates that the company’s actual cash-generating capacity and core business competitiveness are being maintained, excluding non-cash expenses on the books."
However, the company proactively reflected an impairment loss on intangible assets of 38.9 billion won as other expenses. This represents the book value loss of goodwill and intangible assets incurred during past acquisitions, and is a non-cash expense with no cash outflow.
The company explained, "If the impairment loss on intangible assets of 38.9 billion won, recorded as other expenses last year, is excluded, the simple adjusted net profit from continuing operations would be around 9.9 billion won. Although a net loss was recorded on the books due to the proactive recognition of a large-scale non-cash impairment expense, the business foundation remains stable when excluding these impairment factors."
Suseong Webtoon has recently streamlined its non-core affiliates to focus on the webtoon business, and moving forward, it plans to improve operational efficiency and profitability through a business structure centered on content production and IP monetization.
A company official stated, "Last year was a process of enhancing the conservatism of our financial statements and resolving uncertainties. Having completed these accounting adjustments, we will now focus our management capabilities to ensure that the growth potential and profitability of our core webtoon business become more clearly visible."
Suseong Webtoon is strengthening its competitiveness in overseas markets through its self-operated global paid webtoon platform, Toomics. Toomics is serviced in 11 languages and has secured a member base of approximately 60 million users, with more than 80% of total sales generated overseas.
The company is also expanding its presence in Southeast Asian markets, including Thailand, and reinforcing its local service base in key regions such as Japan. The company announced plans to continue pursuing a strategy of content expansion and profitability enhancement, based on a global subscription platform model and a profit structure centered on cash payments.
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