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Galaxia Money Tree's first-half operating profit surpasses 10 billion won for the first time
🇰🇷 South Korea /Economy & Trade

Galaxia Money Tree's first-half operating profit surpasses 10 billion won for the first time

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • Galaxia Money Tree reported its first-half operating profit exceeded 10 billion won, reaching 10.2 billion won.
  • The digital financial company's first-half revenue was 71.1 billion won, an 11.8% increase year-on-year.
  • The company attributes its growth to its core credit card payment business, which serves clients like Hybe and Nexon Korea.

Galaxia Money Tree, a digital financial firm, has achieved a significant milestone by surpassing 10 billion won in operating profit for the first half of the year for the first time in its history. The company announced on August 18 that it recorded 71.1 billion won in consolidated revenue and 10.2 billion won in operating profit during the first half of 2023. These figures represent an 11.8% and 7.4% increase, respectively, compared to the same period last year. The net profit for the period stood at 5.9 billion won.

The company's primary growth driver is its credit card payment processing business. This segment has seen success through partnerships with major clients, including Hybe, the entertainment company behind the K-pop group BTS, and game developer Nexon Korea. The expansion of these services indicates a strong market position and growing demand for Galaxia Money Tree's financial solutions.

DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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