T Map Mobility has demonstrated stable growth potential as a comprehensive mobility platform, achieving over two times revenue growth for two consecutive years.
On the 3rd, T Map Mobility announced through an audit report that it recorded a revenue of 204.6 billion KRW and a net loss of 160.8 billion KRW for the year 2022 based on consolidated financial statements. This revenue scale compared to 74.5 billion KRW in 2021 shows an approximately 2.7-fold increase.
T Map Mobility stated, “Expanding into various mobility areas such as object transportation, ride-hailing, EV charging, PM, rental cars, and parking/valet, we have evolved into a comprehensive mobility platform beyond navigation services,” and explained, “The growth in each business model has contributed to revenue growth, allowing us to sustain over two times growth for two consecutive years.”
The surge in revenue last year by 130 billion KRW can be attributed to multiple factors including ▲ Growth in driver areas such as TMAP AUTO and valet ▲ Increased size in object transportation such as freight ▲ Revenue growth from new subsidiaries like Seoul Airport Limousine and Logisoft.
T Map Mobility has secured a leading position in the domestic middle-mile logistics brokerage market through synergy with its subsidiary YLP, and in the API/Data sector, it has shown visible results based on over 20 years of accumulated movement data.
The vehicle infotainment service TMAP AUTO has expanded its reach in the software-centric vehicle (SDV) market by being integrated into next-generation IVI forms, such as NUGU and FLO, featured in brands like Volvo. With the resolution of most external uncertainties, TMAP’s ride-hailing service is expected to experience stable revenue growth starting this year.
The increase in net losses was primarily analyzed as stemming from ‘accounting-related losses.’ The cumulative amount of non-operating losses, including equity-method evaluation losses related to UT and the recognition of additional liabilities for Uber’s stake, accounted for over 50% of the total.
Increases in personnel expenses and planned costs related to new business expansions also had some impact. While the operating profit related to business decreased compared to the previous year, profitability has been improving significantly with an increase of over 40 percentage points in the operating profit margin.
T Map Mobility has also secured sufficient liquidity necessary for sustainable growth, including investments from KB Kookmin Bank. Furthermore, it plans to pursue valuable growth based on key business areas such as drivers, non-drivers, object transportation, and data, aiming to transition to profitability sharply around the planned IPO date targeted for 2025.
Chief Strategic Officer Lee Jae-hwan stated, “Recording over two times revenue growth for two consecutive years in a platform area with significant external uncertainties is quite meaningful,” adding, “We will do our best to expand our business portfolio for future growth, with a spirit of innovation that repairs the old and creates the new.”
Lee Sang-jin daedusj@autodiary.kr