KT Corporation (NYSE:KT) Q3 2022 Results Conference Call November 8, 2022 1:00 AM ET
Company Participants
Kim Young Jin - CFO
Conference Call Participants
Hoi Jae Kim - Daishin Securities
Joonsop Kim - KB Securities
Neale Anderson - HSBC
Unidentified Company Representative
[Foreign language]
Good afternoon. Let's begin KT's Third Quarter 2022 Earnings Presentation. This earnings release call is currently being webcasted live on our website, and you can follow the slides as you listen in on the call.
Before we begin, please note that today's presentation includes financial estimates and operating results under the K-IFRS standard that have not yet been reviewed by an outside auditor. As we cannot ensure accuracy and completeness of financial and business data, aside from historical performances, please be reminded that these figures may change going forward.
With that, I will hand it over to our CFO, Kim Young-Jin, to present on Q3 2022 earnings.
Kim Young Jin
[Foreign language]
Unidentified Company Representative
Hello. I'm Kim Young-Jin, KT's CFO. I will begin with the performance highlights for Q3 2022. During the third quarter, we continued on with our digital platform transition and made preemptive responses to uncertain external environment. And as a result, we are seeing stronger growth and profitability from DIGICO and B2B. On a cumulative basis for the third quarter, consolidated service revenue was KRW 16,980.8 billion, which is up 6.3% on year and operating profit reported KRW 1,538.7 trillion, up 18.1% on year.
Cumulative basis, standalone service revenue for Q3 was KRW 11,843.9 billion, and standalone operating profit reported KRW 1,057 billion, recording a growth of 2.0% and 8.3% year-over-year, respectively.
Under the DIGICO strategy of expanding the playing field, we are seeing explosive growth from core businesses, which include B2B, DX, media and content, finance and cloud and IDC. In B2B business supported by KT's nationwide coverage, fixed wireless infrastructure and customized DX services for customers in different segments, we are leading the market by driving business DX digital transformation demand. The order volume is usually a leading indicator for top line revenue growth. And on Q3 cumulative basis, orders were up by 21% year-over-year, reaching KRW 2.97 trillion.
AICC, which is a flagship service for B2B and DX, we are seeing expanding demand from the financial sector. And since embarking on a full-fledged business in 2021, we've been sustaining an uptrend in growth, driving Q3 2022 cumulative revenue up by more than 100% year-over-year.