Synergy Innovation Reports 7.2 Billion KRW Operating Profit in Q2... "Continued Performance Improvement"

[Asia Economy Reporter Hyunseok Yoo] The performance improvement of Synergy Innovation, a bio and medical device specialist company under Synergy Partners Group, continues.

On the 13th, Synergy Innovation announced that its cumulative sales for the first half of this year on a consolidated basis reached 37.9 billion KRW, operating profit was 7.2 billion KRW, and net profit was 7.9 billion KRW, representing increases of 43%, 212%, and 486% respectively compared to the same period last year. The company explained that stable sales from its core microbial culture media business, along with the full-scale performance growth of its subsidiaries, led to both expansion in scale and improvement in profitability.

In particular, compared to 2016 before Synergy Innovation was incorporated into Synergy Partners Group, when it recorded poor performance with half-year sales of 3.4 billion KRW and operating profit of 100 million KRW while undergoing rehabilitation procedures, this represents a remarkable transformation.

A company official stated, “After Synergy Group’s investment and the subsequent name change to Synergy Innovation, we boldly restructured existing limited business areas and refocused on bio and medical device sectors such as the microbial culture media business, enabling us to simultaneously achieve both scale expansion and profitability improvement. Despite internal and external adversities such as COVID-19, the performance growth of Synergy Innovation and its subsidiaries has been remarkable, and we will continue efforts to ensure steady business growth going forward.”