Elegant Brothers, Sales Last Year Breakthrough 4 Trillion Won Wall, But… Operating Profits Decrease Due to Free Delivery Competition

[Digital Daily Reporter Wang Jin-hwa] Woowa Brothers has broken through the 4 trillion won sales barrier. This is thanks to the three factors that came together: the free delivery service implemented last year, the first annual EBITDA surplus of quick commerce Baemin B Mart, and the activities of intermediary commerce that have grown in influence. However, the operating profit rate decreased compared to the previous year due to an increase in op…

Woowa Brothers' Revenue Soars Despite Profit Decline in Korea's Food Delivery Race

The logo of Baedal Minjok (Baemin) (Photo courtesy of Baemin) Woowa Brothers, the company behind South Korea's leading food delivery service Baedal Minjok (Baemin), reported a significant revenue increase last year, surpassing 4 trillion won. However, despite this financial growth, the company's operating profit saw a decline due to intense competition in the free delivery market, particularly from rival Coupang Eats. On April 4, Woowa Brothers …