Hugel Reports Record 1Q Sales of 64.9 Billion KRW with 15.2% Decrease in Operating Profit

[Asia Economy Reporter Lee Chun-hee] Hugel achieved its highest-ever first-quarter sales with 64.9 billion KRW in revenue this year.

Hugel announced on the 11th that its consolidated financial results for the first quarter of this year showed provisional operating revenue of 64.899 billion KRW, operating profit of 24.987 billion KRW, and net profit of 15.756 billion KRW. Sales increased by 1.7% compared to the same period last year, marking the highest first-quarter sales in history. However, operating profit decreased by 15.2%, and net profit also fell by 18.9%. The company explained that "operating profit declined due to the start of investments in new markets." The operating profit margin was recorded at 38.5%.

By region, domestic sales reached 28.5 billion KRW, up 6.6% year-on-year, as sales of botulinum toxin and HA fillers both showed upward trends. On the other hand, overseas market sales decreased by 9.8%. Hugel explained, "One of the major export countries for botulinum toxin, China, implemented lockdowns in major cities due to the spread of COVID-19, which led to a decline in sales in Asia."

By product category, the growth of HA fillers was remarkable. Domestic sales increased by 23.2% compared to the same period last year, and overseas sales also rose by 26.8%. In particular, sales in the Latin America region, where demand for cosmetic procedures is high, surged by 130.2%. Europe also saw sales expansion in major countries such as Sweden, Poland, the United Kingdom, and France, increasing by 100.8% year-on-year.