RF Tech Reports 325.8 Billion KRW in Sales Last Year

[Asia Economy Reporter Hyungsoo Park] RF Tech announced on the 18th that it recorded sales of 325.8 billion KRW on a consolidated basis last year, a 26% increase compared to the same period of the previous year. Operating profit during the same period also increased by 26% to 12.3 billion KRW. Net profit turned positive, recording 17.6 billion KRW.

Last year, RF Tech's IT mobile components business, along with the 5G antenna business and HA filler business, which are progressing as new growth engines, all grew steadily. Sales in the IT mobile components division increased by 26% compared to the same period last year. RF Tech expects stable growth this year as well, driven by increased smartphone production from its clients and the launch of new flagship models.

Sales from the 5G antenna business and the HA filler business of its subsidiary RF Bio increased by 15.4% and 63.3%, respectively, compared to the same period last year. RF Tech anticipates growth in the 5G antenna market this year due to domestic government-led encouragement of 5G investment, U.S. sanctions on Huawei, and the passage of infrastructure investment legislation.

RF Tech plans to increase overseas sales through additional overseas product approvals for HA filler products. Starting next month, it will launch new skin booster cosmetics based on 'exosome' and 'PDRN' raw materials extracted from the reproductive cells of sturgeon, targeting clinics and hospitals.

The new botulinum toxin business is also progressing smoothly. RF Tech aims to complete the new factory and preclinical trials by the end of 2023. Construction of the new factory will begin in the first half of this year on a 10,000-pyeong site in Wonju Enterprise City, Gangwon Province. In April last year, RF Tech signed a land sale contract related to the new factory with Gangwon Province and Wonju City.