Synergy Innovation Reports 12.3 Billion KRW Net Profit for Q3 Cumulative, Up 851% YoY

[Asia Economy Reporter Jang Hyowon] Synergy Innovation, a bio and medical device specialist company under Synergy Partners Group, continues its steady growth by announcing significantly improved third-quarter results compared to the same period last year.

Synergy Innovation disclosed on the 15th that its consolidated sales for the third quarter of 2021 reached 57.2 billion KRW, and operating profit was 9.7 billion KRW, marking increases of 28% and 55%, respectively, compared to the same period last year. Due to a sharp rise in financial product valuation gains from the appraisal profit of held securities, net profit soared by 851% year-on-year to 12.3 billion KRW.

The company attributed the performance increase to stable sales across all business divisions, including its core microbial culture media business, supported by steady growth of its subsidiary MI Tech and improved results from Nobis Bio.

A company representative stated, “Not only has net profit increased due to the rise in the value of securities, but we are also maintaining strong growth in sales and operating profit in our business operations. We are currently conducting research and development in various fields and pursuing business diversification to discover future growth engines, striving to become a continuously growing company.”

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