VTGMP Reports 6.7 Billion KRW Operating Profit in 2Q, Up 263% Year-on-Year

[Asia Economy Reporter Jang Hyowon] VT GMP announced on the 12th that it recorded sales of 95.6 billion KRW and operating profit of 12.7 billion KRW in the first half of this year, driven by the hot response in the Japanese market.

Left: 'Super Hyalon' Right: 'PRO CICA'. / Photo by VT GMP

These figures represent increases of 57% and 129%, respectively, compared to the same period last year. The second-quarter performance also showed significant growth. Second-quarter sales reached 51.3 billion KRW, up 94% year-on-year, and operating profit rose about 263% to 6.7 billion KRW.

VT GMP's cosmetic division, VT Cosmetic, is leading the company's growth. The killer item driving sales, the ‘Cica Daily Soothing Mask,’ ranked first in the cosmetics category during the Mega Sale event on Qoo10, a Japanese direct purchase mall, last year, and this year it ranked first in the overall product category. It was also selected as third place in Rakuten’s Best Cosmetic Skincare category, showing steady growth in response and sales in the Japanese market.

Along with the growth of the Japanese online market, VT GMP plans to aggressively target the offline market in the second half of the year by launching lines such as ‘Super Hyalon’ in major stores and drugstores including AEON Mall, Plaza, Loft, Pupulehimawari, and Tomod’s.

The Greater China region is also preparing to launch a new ‘Cica’ line, expecting sales growth in the second half. The new ‘Cica’ line, called ‘Pro Cica,’ contains ‘Cica Hyalo-ZenTM,’ an effective ingredient derived from Centella Asiatica known for wound healing, combined with Cica DNA, and ‘Beta-Sitosterol,’ which helps skin regeneration. This product provides soothing care and moisture replenishment simultaneously for sensitive and tired skin caused by external stimuli.

VT GMP’s new growth engine business divisions are also progressing smoothly. Through the MOU signed in July for the hydrogen fuel cell power plant project in Gumi High-Tech Valley, a new business led by VT GMP as the main operator is underway. Additionally, the subsidiary GMP Global’s post-sale apartment ‘VT Style’ in Jangandong recorded a first-priority subscription closure on the first day, which is expected to be reflected in the third-quarter operating profit.

Furthermore, VT GMP announced on the 9th of last month through a public disclosure that it expanded its stake in its affiliate Cube Entertainment, demonstrating its intention to strengthen management rights and responsible management. It is explained that positive effects are expected from the collaboration between the main cosmetic business and Cube Entertainment.

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