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KG Mobility Platform, which operates KCar, Korea's largest directly managed used car platform, announced that it successfully turned profitable in the third quarter of this year, recording revenue of 480.4 billion won and an operating profit of 7.5 billion won.
KG Mobility Platform, which had suffered a temporary loss in the previous second quarter due to large one-time costs and inventory price adjustment burdens, resulting in an operating loss of 33.6 billion won, quickly achieved a performance turnaround by focusing on restoring profitability and inventory soundness despite an uncertain market environment. Third-quarter revenue increased by 9.4% compared to the previous quarter, while retail sales volume also rose by 11.2%, firmly driving overall performance improvement.
The rapid performance recovery was primarily driven by the resolution of the large one-time cost burden that occurred in the previous quarter. As the burden of price adjustments on existing inventory eased and the proportion of new vehicle purchases in sales increased, the gross profit margin improved by 0.8 percentage points from the previous quarter to 10.3%. In addition, total third-quarter sales volume reached 33,335 units, a 7.1% increase from the previous quarter, while retail segment revenue rose by 11.9% to 423.4 billion won, indicating a notable improvement in overall sales efficiency.
However, compared to the same period last year, revenue and total sales volume showed a slight decline due to deteriorating external trading conditions. This was influenced by a reduction in business days due to the Chuseok holiday and a conservative inventory management policy. The export segment also saw decreased revenue due to uncertainties in logistics conditions. Nevertheless, the company is maintaining an operational policy that prioritizes profitability and inventory soundness while actively reviewing various synergy creation plans following its inclusion in the KG Group.
Jung In-gook, CEO of KG Mobility Platform, evaluated the third quarter as a turning point where clear improvement trends were confirmed in retail sales and profitability indicators, overcoming the sluggish performance of the previous quarter.
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