[Asia Economy Reporter Yoo Hyun-seok] OSP, a premium pet food subsidiary of Woojin B&G specializing in companion animals, announced on the 18th that it achieved cumulative sales of 11.8 billion KRW, operating profit of 3 billion KRW, and net profit of 3.5 billion KRW for the third quarter of this year.
Since being acquired by Woojin B&G, OSP has introduced an efficient management system, significantly increasing its operating profit margin. By improving the distribution structure and efficiently utilizing selling and administrative expenses, it surpassed last year's full-year operating profit and net profit within just three quarters.
Based on the Hazard Analysis and Critical Control Points (HACCP) and the United States Department of Agriculture Organic Certification (USDA-NOP), OSP, which had served as an OEM for major domestic feed companies, has expanded its sales channels overseas by launching some products starting this year. It has already exported to Vietnam and plans to export to Hong Kong this month, rapidly entering overseas markets.
Despite the impact of the novel coronavirus disease (COVID-19), OSP has steadily recorded stable performance, which is expected to accelerate its initial public offering (IPO). OSP has selected Daishin Securities and SK Securities as its IPO underwriters and is planning to list on the KOSDAQ in the second half of next year. If successful, it will be the first domestic pet food company to go public.
An OSP official stated, "The synergy between OSP's pet food-related technology and Woojin B&G's efficient management capabilities has steadily increased profit margins," adding, "We will also prepare the IPO without any setbacks to become the first pet food company to be listed domestically."
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