Sujentec Reports Q3 Operating Profit of 18.6 Billion KRW... "Highest Quarterly Performance"
[Asia Economy Reporter Yoo Hyun-seok] SuzenTech recorded its highest-ever quarterly operating profit, driven by increased sales of overseas antigen rapid diagnostic kits. This quarter's performance is the result of a significant increase in overseas sales, mainly in Vietnam, and the demand for overseas rapid diagnostic kits is expected to continue steadily.
SuzenTech announced on the 15th through a public disclosure that its consolidated sales for the third quarter of this year reached 34.2 billion KRW, a 742.2% increase compared to the same period last year, and operating profit was 18.6 billion KRW, a 1650.2% increase. Net profit for the same period reached 19.9 billion KRW, achieving a significant turnaround to profitability.
On a cumulative basis, sales up to the third quarter increased by 79.06% year-on-year to 51.5 billion KRW, and operating profit rose by 21.68% to 23.3 billion KRW.
The improvement in SuzenTech's third-quarter performance was due to a surge in sales of rapid diagnostic kits to Vietnam. Throughout this year, SuzenTech signed a total of eight supply contracts for COVID-19 antigen rapid diagnostic kits with Medaz Vietnam General Service Company, a specialized medical device and diagnostic equipment distributor in Vietnam, with the total order amount reaching 47.8 billion KRW.
A SuzenTech official stated, "While facing difficulties in securing vaccines, only about 30% of the population in Vietnam has completed vaccination so far," adding, "Demand for related diagnostic kits is expected to continue for the time being."
SuzenTech's antigen rapid diagnostic kit, ‘SGTi-flex COVID-19 Ag,’ can detect results within 15 to 20 minutes by collecting nasopharyngeal swab specimens from suspected COVID-19 infected individuals.
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Meanwhile, SuzenTech has announced plans to build its own R&D center in the administrative city complex of Sejong City to further strengthen its research and development (R&D) capabilities. Through the newly established R&D center, SuzenTech plans to continue fusion research among bio, nano, and IT technologies.
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