JVM Reports Operating Profit of 4.4 Billion KRW in Q1, Up 172.7% Year-on-Year

[Asia Economy Reporter Lee Gwan-joo] JVM, a subsidiary of Hanmi Science, announced on the 28th that it recorded consolidated sales of 31.5 billion KRW, operating profit of 4.4 billion KRW, and net profit of 3.7 billion KRW in the first quarter of this year.

Compared to the same period last year, sales grew by 32.1%, operating profit by 172.7%, and net profit by 97.5%. JVM invested 1.9 billion KRW, equivalent to 6% of sales, in R&D.

JVM explained that in the domestic market, sales increased due to product price hikes and increased demand for consumables caused by a surge in COVID-19 cases.

In overseas markets, exports grew by 50% compared to the same period last year, thanks to increased demand for non-face-to-face pharmaceutical prescription dispensing during the COVID-19 pandemic, as well as global demand for pouch medication systems and automated pharmaceutical dispensing systems. In the first quarter of this year, 53.7% of sales were domestic, while 46.3% came from Europe, North America, and other regions.

In particular, sales in the North American market grew by 87% compared to the same period last year. The company explained that due to the global shortage of pharmacy staff, the introduction of automated pharmaceutical dispensing equipment is accelerating in retail pharmacies and the LTC (Long Term Care) market. Additionally, interest in the ‘pouch medication system,’ which provides medical services to chronic patients with reduced medical accessibility after COVID-19, has increased, leading to a rise in buyers of JVM’s flagship product, the 'ATDPS (Automated Tablet Dispensing and Packaging System),' and thus expanding new demand channels.

JVM’s European subsidiary (JVM EU) contributed to the strong performance by recording sales of 6.2 billion KRW, a 16% increase compared to the same period last year. The growth in sales was driven by an increase in new customers in the European market and the sequential delivery of products related to new contracts signed last year.

A JVM representative said, “Amid the COVID-19 pandemic, JVM is opening new business opportunities and preparing for another leap forward with innovative products,” adding, “We will accelerate growth based on a solid product portfolio and repay our shareholders with high value.”

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