SK networks is advancing toward a happy future that creates sustainable value
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The year 2023 marks the 70th anniversary of SK networks. From its humble beginnings as a small textile company to its business model transformation into fashion, trade, energy, information and communications, hospitality automotive and home appliances in response to changing times and industrial landscape, SK networks has gone through a period of continuous challenges and pioneering efforts
Last year, despite the growing uncertainty of the business environment, SK networks built up momentum to grow its mainstay businesses and ventured into the electric vehicle (EV) charging business by acquiring Korea’s top private fast EV charging service platform. SK rent-a-car achieved a steep growth, doubling its revenue and operating profit within three years of its incorporation, while SK magic attracted 2.3 million domestic rental accounts in cumulative terms and laid the foundation for its global business growth in Malaysia in the face of an ever-intensifying competition.
SK networks will move forward to take a new leap forward and grow with a long-term perspective.
SK rent-a-car will accelerate the transition to an EV-centric business model and expand its differentiated and customized service offerings informed by customer data to strengthen its position as an EV rental provider. SK magic will improve its profit structure by developing innovative products and upgrading quality while cutting costs. The EV charging business will expand its market leadership by focusing on pre-empting charging networks becoming a major player in the domestic private fast EV charging market; and Walkerhill will achieve a turnaround in operating profit through active marketing efforts and operational structure innovation. SK networks will also continue to seek new M&A opportunities to secure new growth engines.
As times and trends change rapidly, a company's business model is not perpetual and requires constant change and innovation. In this process, investments play a pivotal role in enhancing the value of existing businesses or securing new growth engines. Since 2018, SK networks has invested in about 20 companies directly and/or indirectly via funding. As a business-centric investment company, SK networks aspires to evolve into a sustainable business-centric investment company model by upgrading its investment management system while expanding its portfolio into promising areas for future growth.
The fate of companies now depends on their response to ESG changes. In addition to linking and internalizing business and ESG, we will put greater efforts into achieving the Net-Zero 2040 target and establishing an ESG management system for our subsidiaries. We will try harder to return greater value to shareholders by repurchasing and retiring treasury shares. SK networks will provide value as a sustainable company by bolstering up ESG performance in various ways.
SK networks will make every effort to bring more value to shareholders with its pursuit of continuous growth and development. We look forward to your continued interest and support on our path to a future of greater innovation.