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Biz News Korea(Eng)

KT reports record-high earnings in 2023

Collected: 2024.02.08

Distributed: 2024.02.09

Source: Go Direct

KT’s headquarters [Courtesy of KT]

South Korean telecommunications company KT Corp. posted record-breaking earnings in 2023, buoyed by increased sales across its wireless and media sectors. Its annual sales for 2023 totaled 26.3 trillion won ($19.8 billion), or a 2.9 percent increase from the previous year. But operating income fell on year by 2.4 percent to a total of 1.64 trillion won, while net profit dropped by 28.8 percent to 988.7 billion won.

The wireless division saw sales rise by 2.3 percent year-on-year due to a growing base of fifth generation (5G) mobile communication subscribers, increased roaming revenue, and the expansion of its mobile virtual network operator (MVNO) business. Fifth-generation subscriptions totaled 9.83 million, which accounts for 73 percent of total handset subscriptions.

Meanwhile, its fixed line business saw a 1 percent sales growth year-over-year. Landline telephone sales experienced a 7.6 percent decline due to reduced demand for home phones, while high-speed internet sales surged by 2.8 percent, driven by the addition of high-speed internet subscribers.

In the media segment, sales saw a 2.3 percent increase year-on-year, propelled by the rising number of Internet TV (IPTV) subscribers and higher average revenue per user (ARPU).

The enterprise internet and data division also recorded a 4.7 percent sales growth, fueled by a rise in customer traffic, particularly in the Artificial Intelligence Contact Center (AICC) and Enterprise Internet of Things (IoT) sectors.

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