[Edaily Reporter Lee So-Hyun ] SOCAR(403550)has posted an operating profit for the eighth consecutive quarter, driven by growth in its core car-sharing business and the expansion of its parking platform. Investments in user-centric services—such as a policy offering free driving fees for electric vehicles and the premium “Black Label” service—drew new demand, while “Everyone’s Parking Lot” also supported the company’s performance by recording its highest-ever quarterly transaction volume.

SOCAR announced on the 11th that it recorded consolidated revenue of 121 billion won and operating profit of 6.8 billion won for the second quarter of 2026. Compared to the same period last year, revenue increased by 23% and operating profit by 271%. Net income for the second quarter—typically considered an off-season—turned positive at 6.5 billion won.

On a standalone basis, the company reported revenue of 115.2 billion won, operating profit of 8.8 billion won, and net income of 9.0 billion won. This marks the second consecutive quarter of net profit on a standalone basis.

Expanding Car-Sharing Demand Through EVs and Black Label

SOCAR maintained its policy of free mileage charges for electric vehicles despite rising international oil prices. Electric vehicle users can use the vehicle for the rental fee paid at the time of reservation, regardless of mileage. For internal combustion engine vehicles, mileage charges are free for the first 30 km, and the per-kilometer charge applied thereafter has been frozen at pre-oil-price-hike levels.

As a result, car-sharing usage hours in the second quarter reached 13.21 million hours, a 9.3% increase compared to the same period last year. The average usage time per session for electric vehicles was more than twice as long as that for internal combustion engine vehicles. Thanks to the synergy between the channel diversification strategy and the free electric vehicle mileage policy, the number of new corporate subscribers in the second quarter increased 6.6-fold year-over-year, and corporate revenue also rose by 17%.

SOCAR plans to expand its lineup of electric vehicles in the second half of the year, including approximately 800 Tesla “Model Y” vehicles.

Black Label, launched in February of this year, also contributed to this growth. Black Label is a premium car-sharing service that delivers vehicles—which have undergone vehicle inspections, including car washes and charging or refueling to at least 80% capacity—to the customer’s desired location.

As of the second quarter, the number of vehicles in the Black Label fleet had increased approximately 10-fold compared to the service’s launch, and the utilization rate rose by 8 percentage points. The proportion of payments made with corporate cards was three times higher than for standard car-sharing.

Demand for the Tesla Full Self-Driving (FSD) experience also boosted the popularity of Black Label. Since last May, SOCAR has been operating Tesla “Model S” and “Model X” vehicles as part of the Black Label service. As of the second quarter, revenue per Black Label vehicle was 61% higher than that of standard car-sharing vehicles, and gross profit per vehicle was 103% higher.

In the Jeju region, a service providing support for flight delays and cancellations generated new demand. This service offers a full refund of the payment amount in the event of a flight cancellation and, if a flight returning from Jeju to the mainland is delayed, extends the vehicle rental period free of charge for the duration of the delay.

Ahn Dong-hwa, Head of SOCAR’s Car-Sharing Division, said, “This service is particularly popular among couples and families because it guarantees free car rental not only when visiting Jeju but also in the event of flight cancellations or delays on the return trip to the mainland.”

“Everyone’s Parking Lot” Hits All-Time High… AI and Autonomous Driving to Gain Momentum in the Second Half

The parking platform “Everyone’s Parking Lot” also continued its growth momentum. Second-quarter revenue reached 3.3 billion won, a 24% increase year-over-year. Quarterly transaction volume surpassed 20 billion won, rising 27% to an all-time high, while the gross profit margin exceeded 80%. The number of parking lots where new transactions occurred in the first half of the year expanded to over 400.

“Everyone’s Parking Lot” officially launched its “Airport Parking Advance Reservation” service in January of this year, allowing users to book partner parking lots near Gimpo and Incheon International Airports in advance. The company secured new revenue streams by meeting demand during holidays and peak seasons while also introducing an advertising business based on app traffic.

Building on its second-quarter results, SOCAR is accelerating its “SOCAR The NEXT” strategy, announced earlier this year. The core pillars of this strategy are artificial intelligence (AI), full-stack mobility, and autonomous driving.

AI will be leveraged to reduce costs and expand revenue. SOCAR plans to embed AI across its entire operations to cut overhead costs by 15% and, by integrating a generative AI search engine, attract new users—both domestic and international.

The full-stack mobility strategy aims to encompass vehicle demand across all age groups, from obtaining a driver’s license through retirement. The company plans to strengthen its vehicle asset turnover structure—which spans carsharing, subscriptions, and used-car sales—and introduce new services in the second half of the year.

In the autonomous driving sector, the company is securing future growth engines through its new subsidiary, Apex Mobility. It plans to process the driving data accumulated through SOCAR in accordance with international standards and, as early as this year, begin collecting training data by operating vehicles equipped with a full sensor suite in real-world conditions. As of the end of July, Apex Mobility had secured 150 billion won in capital.

SOCAR is also continuing its shareholder return policy. The company paid its first dividend of 91 won per share last March and conducted share buybacks in June and July. It is currently conducting a share buyback program with the intention of fully canceling the shares, and is considering announcing plans to cancel all purchased shares and enhance corporate value during the second half of the year.

Park Jae-wook, CEO of SOCAR and Apex Mobility, stated, “We will transition to a profitable structure through ongoing operational efficiency strategies, while also institutionalizing our shareholder value return policy to enhance corporate value,” adding “In the second half of the year, we will strengthen our full-stack mobility services that cover vehicle demand across the entire lifecycle, while accelerating preparations to operate vehicles equipped with full sensor kits through Apex Mobility—our newly established autonomous driving subsidiary—and further solidify our growth momentum,” he added.