SOCAR, South Korea's leading car-sharing platform, reported an operating profit of 23.2 billion won ($16.1 million) for 2025 on a consolidated basis, marking a turnaround to profitability.
The company announced on the 25th that annual revenue reached 470.7 billion won, up 9% from the previous year. SOCAR had recorded an operating loss of 9.8 billion won in 2024 but achieved an operating profit this year. Gross profit grew 26.7% year-over-year to 102 billion won.
The key driver of SOCAR's improved profitability was maximizing vehicle lifetime value (LTV) under its "SOCAR 2.0" strategy. Through data-driven demand forecasting and optimized vehicle operations between car-sharing and SOCAR Plan services, gross profit per vehicle over the 2024-2025 lifecycle reached 14.2 million won—approximately 40% higher than the pre-SOCAR 2.0 period of 2022-2023. Annual utilization rate also improved by 3.1 percentage points to 37.8%, demonstrating enhanced operational efficiency.
The company said it has entered a stable profit trajectory, posting six consecutive quarters of operating profit through the fourth quarter of 2025. Fourth-quarter operating profit of 13.2 billion won more than quadrupled from 3 billion won in the same period of 2024, driving the full-year profit. This result came from optimized vehicle deployment for year-end demand and reduced overhead costs. Adjusted net profit for 2025 was 6.4 billion won; excluding one-time charges of 24.8 billion won including subsidiary impairment losses, the company achieved a substantive turnaround to profitability.
This year, SOCAR plans to solidify its core car-sharing competitiveness, accelerate operational innovation, and prepare for future growth. The company will enhance its business models across short-term car-sharing, SOCAR Plan, and test-drive services while applying AI technology throughout internal operations and customer touchpoints. It also aims to build a data flywheel for autonomous driving commercialization based on accumulated driving data, securing medium- to long-term growth engines.
"2025 was the year we proved SOCAR's structural profitability through business-focused transformation," said CEO Park Jae-wook. "This year, we will further elevate our corporate value through AI-driven operational innovation and investment in future mobility technologies."