Eglebet, Q3 Operating Profit 1 Billion KRW... "Up 265.3% YoY"

[Asia Economy Reporter Yoo Hyun-seok] EagleVet, a company specializing in the manufacturing and sales of animal pharmaceuticals and the supply of premium feed, is continuing its performance growth by expanding its overseas export scale.

EagleVet announced on the 16th that it achieved sales of 10.2 billion KRW in the third quarter, marking a 21.8% increase compared to the same period last year. Operating profit and net profit for the period increased by 265.3% and 104.5%, reaching 1 billion KRW and 500 million KRW respectively.

Cumulative performance up to the third quarter also improved. Operating profit rose 73.1% to 2.4 billion KRW. Net profit grew 59.9% to 1.7 billion KRW. Sales recorded 30.3 billion KRW, up 18.2%.

EagleVet cited the increase in exports of animal pharmaceuticals and sales growth of pet food products as factors driving the performance rise. The company exports about 50 products to over 20 countries worldwide, including Africa, New Zealand, Southeast Asia, and the Middle East. Based on the European GMP certification, the first acquired by a domestic animal pharmaceutical company, EagleVet has been expanding its export market by completing product registration applications in the Czech Republic and Poland since July.

As the pet-related industry rapidly grows, EagleVet’s pet business is also continuously expanding. EagleVet currently holds exclusive domestic supply rights for premium pet food brands Now, Go, and Gather from Canadian company Petcurean.

An EagleVet representative stated, “Due to factors such as the recent increase in single-person households and people staying at home, our pet business sales scale is rapidly growing. In particular, beyond the currently exclusively supplied products, we will expand growth drivers in the pet business through collaborations with additional overseas brands and the development of private brand (PB) products.”