이 기사는 2021년 12월 08일 08:06 thebell 에 표출된 기사입니다.

Financial performance of Woowa Brothers, which operates food delivery platform Baedal Minjok, has sharply improved in just nine months after being acquired by Germany's Delivery Hero.

Delivery Hero said on Monday that Woowa Brothers’ earnings before interest, taxes, depreciation, and amortization (EBITDA) recorded 165 million euros at the end of the third quarter, up 112% from a year ago. In Korean won, the company’ EBITDA increased nearly 12 times to 220.8 billion won during the same period.

This is the best-ever performance since its establishment. Woowa Brothers delivered EBITDA of 60.8 billion won in 2018 when it first adopted the International Financial Reporting Standards, and negative EBITDA of 21.6 billion won in 2019. It swung back to a profit last year.

Despite its heavy investments in logistics, Woowa Brothers’ EBITDA dramatically increased this year thanks to a significant increase in orders.

Active users of Woowa Brothers were 2.3 times larger than the combined users of rivals Coupang Eats and Yogiyo.

The number of orders using its food delivery app Baedal Minjok increased by 61% compared to a year earlier, while customers use the app 70% more frequently than its competitors. (Reporting by Choong-hee Won)