BEAUTY TECH COMPANY APR Q3 REVENUE SOARS TO 122 BLN KOREAN WON

KUALA LUMPUR, Nov 27 (Bernama) -- Global beauty tech company, APR Corp (APR) broke its record-high performance in third quarter (Q3) 2023 with its revenue (consolidated sales) of 122 billion Korean won (approximately US$94.8 million) while its operating profit reaching 21.7 billion Korean won (approximately US$16.87 million). (US$1=RM4.67)

In a statement, APR said the increases of 28.0 per cent and 72.7 per cent year-on-year growth, respectively were attributed to the company's beauty business.

APR’s beauty business, which grew by an impressive 37.4 per cent year-on-year, played a pivotal role in driving its outstanding results, whereby the combined growth of medicube cosmetics and medicube AGE-R beauty device has been particularly impactful.

AGE-R, which sold around 600,000 units in total last year, witnessed a remarkable surge in demand, reaching 750,000 units in Q3 2023, marking a 46.8 per cent year-on-year expansion, which can be partly attributed to Booster Healer, an entry-level beautification device that has enjoyed consistent sales both domestically and internationally.

“Starting in the third quarter of this year, our records are expecting to go through an upheaval in the beauty industry.

“We will focus ahead of time on strengthening corporate competitiveness through bold measures based on diversification of the global market,” said its Chief Executive Officer, Byunghoon Kim.

On a cumulative basis, Q3 achieved record-breaking sales of 371.9 billion Korean won and an operating profit of 69.7 billion Korean won. Year-on-year, cumulative sales soared by 37.9 per cent, while operating profit surged by an impressive 277 per cent.

Remarkably, Q3’s cumulative sales reached 94 per cent of last year’s total sales (397.7 billion Korean won), and operating profit surpassed the total amount for the entire 2022 (39.2 billion Korean won).

APR aims to be listed on the stock market in the first half of 2024.

-- BERNAMA