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SK networks Q1 2023 records: KRW 2.45 trillion in sales and KRW 53.1 billion in operating income


- The operating income increased year-on-year by 22.6% with a strong performance in mobility and hotel.
- Shareholder value increased through resolution and execution of treasury stock retirement worth KRW 70 billion.
- Investing in early-phase companies and seeking new business opportunities will continue to focus on DT, Web3 and Sustainability.

SK networks received its Q1 earnings report with an operating income increase year-on-year (YoY) and quarter-on-quarter (QoQ) thanks to a solid performance in mobility and profit recovery in the hotel business.


On May 8, SK networks (CEO & President Ho Jeong Lee) announced through a provisional performance disclosure that it recorded KRW 2 trillion 449.7 billion in sales and KRW 53.1 billion in operating income for Q1 2023 based on consolidated financial statements. While sales declined slightly (-2.0% YoY) and SK magic’s profitability also decreased somewhat due to the overall economic downturn, the operating income increased by 22.6% YoY as the rest of the businesses showed an improved performance.

In particular, SK rent-a-car and SpeedMate, which comprise the mobility sector, drove the profit increase. SK rent-a-car’s profits increased from selling an increased number of used cars. In addition, it engaged in activities that met customers’ diverse needs, such as launching the eco-friendly Jeju EV Car Camping service and becoming the first in the industry to air an on/off-line integrated live commerce broadcast. SpeedMate’s auto parts sales increased with the expanded import car market, and profit increase was realized with an increase of car maintenance customers.

Walkerhill is back on the right track from eased social distancing and recorded three consecutive quarters of profit. Reduced COVID-19 impact led to both travelers, and sales and operating income growth through marketing campaigns linked to Walkerhill’s 60th anniversary. Incheon Airport Transit Hotel and Matina Lounge also contributed to the performance improvement by resuming regular operations.

Despite a downward trend in mobile phone sales, the ICT business saw a slight rise in operating income from cost-efficiency efforts such as logistics optimization. MINTIT showed increased used phone purchases and sales by running additional reward events in line with new device releases from manufacturers. Chemical trading achieved profitability improvement through supply and demand control.

SK magic’s rental accounts exceeded 2.34 million through continued efforts to revitalize the rental business, whereas the operating income decreased due to intense competition in the home appliance market and cost increases. However, a new possibility has been observed in Malaysia with increased local rental accounts through rental item expansion, leading to higher sales.

SK networks also held its first Global Annual General Meeting (AGM) in February to introduce more than 20 ongoing global investment projects driven by its U.S. local corporation. It also engaged in activities to increase shareholder value through the stock buyback worth KRW 100 billion-worth treasury stock and treasury stock retirement worth KRW 70 billion.

In the future, SK networks will closely monitor changes in the domestic and international environment and continuously strengthen its fundamental business competitiveness, accelerate the operation-based investment company model, and earn market trust through ESG management achievements. Along with this, SK networks will support the growth of SK electlink, its newly launched subsidiary in the EV charging business, while reinforcing investment in DT, Web3 and Sustainability areas and seeking new business opportunities as a gatekeeper for global innovation.