Hybe records highest-ever Q3 OP thanks to BTS

[Photo by Yonhap]

Hybe on Thursday announced its strongest-ever financial results for the third quarter of 2023, attributing much of its success to the activities of popular K-pop groups including BTS and SEVENTEEN. In addition to the Korean entertainment company, other major listed firms, such as SeAH Besteel Holdings in the steel industry and Harim in the food sector, also posted strong earnings, with their operating profits nearly doubling.

According to Hybe’s financial report, the company recorded consolidated revenue of 537.9 billion won ($400 million) and operating profit of 72.7 billion won for the third quarter of this year. Revenue and operating profit grew by 20.7 percent and 20 percent respectively compared to a year earlier.

In the revenue breakdown, direct engagement revenue, such as album sales, performances, and commercial appearances, accounted for 382.4 billion won, or 71 percent of total revenue. Album sales were 264.1 billion won, up 104 percent on-year, and performance revenue was 86.9 billion won, up 84 percent.

In contrast, the performance of companies in the machinery and steel industries showed mixed results. Doosan Enerbility reported third-quarter consolidated revenue of 4.15 trillion won, up 4.92 percent from a year ago. However, operating profit fell by 1.01 percent on-year to 311.4 billion won. On the other hand, SeAH Besteel Holdings achieved third-quarter consolidated revenue of 960.4 billion won and operating profit of 41.2 billion won. Although its revenue declined by 11 percent, the operating profit more than doubled.

The retail sector had its share of surprises as well. Harim, the country’s largest poultry firm, posted strong results, with third-quarter consolidated revenue rising by 8.32 percent on-year to 397.9 billion won, and operating profit surging by 93.40 percent to 15.2 billion won.

BGF Retail reported third-quarter consolidated revenue of 2.2 trillion won, up 7.4 percent from a year ago, but the company’s operating profit fell by 4.9 percent to 87 billion won. Meanwhile, Lotte Chilsung Beverage recorded third-quarter consolidated revenue of 830.4 billion won, up 5.9 percent, with operating profit up by 12.3 percent to 84.3 billion won.