GC Green Cross Achieves Record High Sales Last Year... Operating Profit Also Up 10%

[Asia Economy Reporter Myung-hwan Lee] GC Green Cross announced on the 14th that its consolidated sales for last year were tentatively estimated at 1.7113 trillion KRW, an 11.3% increase compared to the previous year. This is the largest sales figure in GC Green Cross's history.

During the same period, operating profit increased by 10.3% to 81.3 billion KRW, while net profit decreased by 49.3% to 69.4 billion KRW. Ordinary development expenses recorded 191.3 billion KRW, a 31.0% increase from the previous year, as the company continued to expand its research and development (R&D) efforts.

GC Green Cross Headquarters. / Photo by GC Green Cross

GC Green Cross explained that the record-high sales were achieved due to the expansion of its global business and the growth of consolidated subsidiaries such as GC Cell.

On a separate basis, GC Green Cross's sales by segment were ▲ blood products 420.4 billion KRW ▲ vaccines 256.4 billion KRW ▲ prescription drugs 377.7 billion KRW ▲ consumer healthcare 190.4 billion KRW. In particular, in the prescription drugs segment, sales of the flagship product Hunter syndrome treatment 'Hunterase' increased by more than 30%, leading the growth trend.

It was also explained that the listed consolidated affiliates that announced their earnings earlier continued their growth trend. GC Cell recorded sales of 236.1 billion KRW last year, a 40.3% increase compared to the previous year. Operating profit also increased by 21.8% year-on-year due to strong performance in specimen testing and bio-logistics businesses.

GC Green Cross MS and GC Green Cross Wellbeing also achieved sales of 100 billion KRW each, driven by strong performance in their core businesses of diagnostic kits and injectable drugs, respectively. GC Green Cross MS recorded sales of 112.8 billion KRW, a 10.9% increase from the previous year, while GC Green Cross Wellbeing recorded sales of 109.7 billion KRW, a 20.6% increase.

A GC Green Cross official stated, "We will continue to focus on improving profitability through cost and expense reduction while maintaining our policy of expanding R&D investment for overseas business expansion."