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March 29, 2024

Hugel posts record Q1 earnings on robust exports

PUBLISHED : April 28, 2017 - 16:45

UPDATED : April 30, 2017 - 17:57

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[THE INVESTOR] Korean botulinum toxin maker Hugel, which will be acquired by Bain Capital, has posted its highest operating profit on record in the first quarter, driven by strong exports of its wrinkle-fighting products.

The company posted 25.85 billion won (US$22.75 million), a rise of 194 percent from last year, according to Hugel on April 27.


Hugel CEO Moon Kyung-yeop



Net profit surged 209.4 percent to 20.94 billion won while sales rose 95.3 percent to 44.25 billion won. Its shares climbed 4.32 percent to close at 466,000 won on April 28.

Its botulinum toxin product Botulax was the biggest contributor of the robust sales growth.

“Buoyed by rapid overseas sales growth and robust domestic sales of Botulax, we could achieve a record-high quarterly performance even in the off-season,” Kwon Jae-yong, a Hugel official said.

Overseas sales account for 64 percent of total sales in the January-March period.

“It’s because Botulax entered more global markets and increased its market share in these countries,” he said.

Brazil and Russia which have been showing a growing spending on non-invasive cosmetics procedures, were added to Hugel’s export market list in the second half of 2016, raising the total to 26 countries.

“I expect Hugel to keep up the momentum. Increased production capabilities from a new Botulax plant, which started operations last year, is ensuring stable supply for the diversified export market portfolio,” said Seo Keun-hee, an analyst at Daishin Securities.

Hugel is one of the leading botulinum toxin makers in Korea along with Medytox and Deawoong Pharmaceutical.

On April 17, Hugel said US private equity firm Bain Capital decided to become the largest shareholder of the company with 45.3 percent stake in a deal worth about 900 billion won.

By Park Han-na (hnpark@heraldcorp.com)

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