Viva Republica Sees 120.2% Jump in H1 Net Income to 232.8 Billion Won
Quick Look
Viva Republica Inc., operator of South Korea's Toss app, reports a 120.2% year-over-year increase in H1 net income to 232.8 billion won, driven by its super app services.
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Why It Matters
Viva Republica's Toss app is a leading super app in South Korea, offering a wide range of financial services.
SEOUL, Aug. 14 (Yonhap) -- Viva Republica Inc., the South Korean operator of the Toss app, said its net income for the first six months of the year rose 120.2 percent on-year, thanks to the growth of services provided through its super app.
The company's net income on a consolidated basis for the January-June period was 232.8 billion won (US$164.6 million), according to its regulatory filing. Operating profit stood at 246.1 billion won, up 59.2 percent. Sales rose 53.2 percent on-year to 1.89 trillion won.
By business, the company's super app service, which covers everything from money transfers to investments to loan and tax services, generated 1.3 trillion won, accounting for 70.3 percent of total sales. Its payment network service unit, which includes user-facing mobile payments, posted 561.3 billion won in sales, the company said.
Viva Republica said the number of subscribers to its pay-by-face service has topped 7 million as of July. The super app operator is said to be making preparations to list itself on the U.S. stock market but has yet to announce a specific timetable.
What to Watch
AI outlook — possibilities, not facts
Viva Republica Inc. will list on the U.S. stock market within the next 12-18 months.
Likely · Within months
Open Questions
- Specific U.S. listing timetable
