Eglebet, 3Q Cumulative Operating Profit 3.9 Billion Won... 66% Increase YoY

[Asia Economy Reporter Lim Jeong-su] EagleVet, a company supplying animal pharmaceuticals and feed, announced on the 15th through a public disclosure that its cumulative operating profit for the third quarter reached 3.9 billion KRW, a 66% increase compared to the same period last year.

During the same period, sales amounted to 29.5 billion KRW, and net profit was 3.9 billion KRW. The pet business division led the performance improvement with sales of 5.5 billion KRW.

EagleVet imports and distributes three brands: 'Go' and 'Now' from Canadian premium feed company Petcurean, and 'Gather,' which uses organic ingredients. The number of distribution brands is expected to expand due to the growth of the pet business.

The pet-specific probiotic brand 'Ravivet,' jointly developed with Chong Kun Dang Bio, is also gaining attention. Ravivet is a pet probiotic that helps manage pet health by improving intestinal immunity and environmental conditions.

Ravivet is the first pet probiotic to be listed on Kakao's subscription platform 'GudokON,' expanding its distribution network by offering subscription services. In particular, the official Ravivet online store opened last August, attracting significant interest from pet owners.

EagleVet is developing alongside the rapid growth of the 'Petconomy (Pet+Economy) industry.' With the increase in elderly population and single-person households, the number of pet-owning households has surpassed 10 million, making the petconomy industry a 6 trillion KRW blue ocean market, continuing its growth trend.

According to the '2021 Korea Pet Report' published by KB Financial Group, there are 6.04 million pet-owning households in Korea, accounting for 29.7% of all households. Accordingly, the petconomy market is also on a growth trajectory. The related market size is expected to reach 6 trillion KRW by 2027.

An EagleVet official stated, "In addition to the boom in the pet business, the contract manufacturing business for animal injections is steadily expanding, so the performance outlook is bright," adding, "We will continue to secure growth drivers for offline stores and online malls centered on the expanding pet market, and expect sales growth next year as a result."