Joosung Corp: Credit Rating Upgraded to BBB-, Logistics Strong, Net Profit Positive Despite Operating Loss

Credit Rating: Upgraded to BBB- by Ecreditable in Apr 2026 (from BB previous year). 4-notch improvement since 2022 (B).
Financial Structure: Consolidated debt ratio 40.72% (down from 45.08% year-end). Net debt -17.57bn won (net cash). Cash & equivalents 19.62bn won.
Performance: Q1 consolidated revenue 17.56bn won (down from 19.80bn YoY). Operating loss 0.26bn (vs operating profit 0.98bn YoY). Net profit 1.25bn (vs 1.27bn YoY, FX gain 0.90bn).
Segment: Logistics revenue 13.30bn (75.7% of total, down from 15.71bn YoY). Telecom/Customer revenue 3.94bn (vs 4.14bn). Security/accommodation/other segments loss.
Allowance: Trade receivables allowance 3.76bn (23.9% of gross). Long-term trade receivables 6.38bn fully provided. Total allowance 12.07bn (49.8%).
Litigation: 3 ongoing cases (Kookil Paper 0.61bn, Plan Entertainment 0.70bn, Prater & others 0.13bn).
R&D: 0.17bn (4.30% of sales), down from 0.34bn YoY.
Dividends: No dividends for past 5 years. Quarterly dividend possible under articles.
Shareholder Return: No share buyback/cancellation. Treasury shares 11,007 shares held.
Other: Major shareholder BNP Joosung (35.98%) provides guarantee of 0.876bn on borrowings of 0.65bn. Trading resumed in Mar 2025 after listing maintenance decision.

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