Carelabs Reports 4.5 Billion KRW Consolidated Net Profit Last Year, Up 753% Year-on-Year

[Asia Economy Reporter Jang Hyowon] CareLabs, a mobile health and beauty care platform specialist company, is accelerating its profit growth across all business sectors.

CareLabs announced on the 26th through an earnings disclosure that its consolidated net profit for last year reached 4.5 billion KRW, marking a significant increase of approximately 753% compared to the previous year. During the same period, CareLabs' consolidated revenue was 76.7 billion KRW, up 12% year-on-year, and operating profit rose by about 65% to 6 billion KRW. CareLabs' liabilities decreased by more than half compared to the previous year, recording 28.7 billion KRW, lowering the debt-to-equity ratio to around 28%, indicating comprehensive financial improvement.

The company analyzed that the main driver behind the earnings increase was the health and beauty care business sector entering a full-scale profit growth phase, centered on the rising demand for non-face-to-face platform services, which has been continuously increasing since last year.

Park Kyungdeuk, CEO of CareLabs, stated, “Existing business sectors such as Goodoc and Babitok have entered a full-scale profit growth phase, and new businesses have also significantly improved their loss margins last year, so they are expected to join the earnings lineup starting this year. Therefore, CareLabs' growth momentum is expected to accelerate further this year.” He added, “This year, above all, we are pursuing various measures aimed at pioneering new overseas markets in our core platform business sectors such as non-face-to-face medical and cosmetic medical information, and we plan to strive to show visible results.”

Since last year, CareLabs has been focusing on expanding its core platforms, Goodoc and Babitok, into overseas markets. Goodoc, a subsidiary operating Korea’s number one non-face-to-face medical platform, is preparing to enter the U.S. health, medical, and various public service markets based on its system framework, while the cosmetic medical information app Babitok is concentrating on expanding its presence starting with the Thailand market.