Carelabs Q1 Net Profit 2.1 Billion KRW... Up 144.2% YoY

[Asia Economy Reporter Jang Hyowon] CareLabs, a mobile health and beauty care platform specialist company, continued its net profit growth trend in the first quarter of this year following last year.

CareLabs announced on the 14th through its earnings disclosure that its consolidated net profit for the first quarter of this year reached 2.1 billion KRW, a significant increase of approximately 144.2% compared to the same period last year.

The company stated that since the net profit achieved in just the first quarter is close to half of last year's full-year consolidated net profit of 4.5 billion KRW, it plans to continue focusing on improving profitability with the goal of achieving record performance this year as well. During the same period, consolidated sales amounted to 21.8 billion KRW, up 15.1% year-on-year, while operating profit decreased to 900 million KRW.

Additionally, CareLabs’ standalone sales were 15.9 billion KRW and operating profit was 2.6 billion KRW, growing by 6.4% and 3.7% respectively compared to the same period last year. Net profit increased by approximately 138.5% to 3.8 billion KRW.

Park Kyungdeuk, CEO of CareLabs, said, “Although operating profit temporarily declined due to expanded hiring and platform investments at Goodoc, which became a consolidated subsidiary last year, sales growth has continued steadily, reflecting successful internal and external growth trends. The all-around business sectors aimed at diversifying revenue, including Babitok’s overseas expansion, commerce business growth, and the establishment of a chain network for MediJob Nursing Academy, are maintaining continuous growth. Recently, we have also been discussing plans for business expansion and profitability improvement centered on sound management from various perspectives.”

In May last year, CareLabs spun off its healthcare business division ‘Goodoc’ as a 100% consolidated subsidiary through a physical division, intending to establish a structure for substantial external growth based on various advantages such as investment and research and development available to unlisted companies. Goodoc, which responded to the global COVID-19 pandemic last year by launching services such as the ‘Mask Scanner’ that enables real-time mask inventory tracking and the vaccine passport service ‘Goodoc Pass,’ has solidified its position as the number one non-face-to-face healthcare platform operator in Korea, receiving the Prime Minister’s Award this year.

This content was produced with the assistance of AI translation services.