Aekyung Industrial Reports Q1 Sales of 139.9 Billion KRW, Up 3.4% Year-on-Year

[Asia Economy Reporter Moon Hyewon] Aekyung Industrial announced on the 10th that its sales (based on consolidated financial statements) for the first quarter of this year reached 139.9 billion KRW, and operating profit was 7.8 billion KRW, marking increases of 3.4% and 2%, respectively, compared to the same period last year.

The cosmetics business recorded sales of 49.1 billion KRW and operating profit of 6.9 billion KRW in the first quarter, showing decreases of 1.2% and 0.3%, respectively, compared to the previous year. Although performance slightly declined due to the resurgence of COVID-19 and lockdown measures in some regions of China, Aekyung Industrial explained that diversification into global markets outside China, growth in domestic H&B, and digital channels helped offset this. In particular, the flagship cosmetics brand AGE 20’s expanded its sales channels by entering 10 major offline channels in Japan, including the largest shopping mall 'Aeon Mall' and multi-brand shop 'Loft.'

The daily necessities business posted sales of 90.8 billion KRW and operating profit of 1 billion KRW in the first quarter, increasing by 6% and 21.9%, respectively, compared to the same period last year. The improvement in performance was driven by global sales growth of personal care brands such as Kerasis and Shower Mate, continuous growth in digital channels, and increased awareness and sales of the hygiene-specialized brand ‘LABCCiN.’

Aekyung Industrial stated, “Despite the challenging business environment due to the resurgence of COVID-19 and worsening global economic conditions in the first quarter, we achieved improvements in sales and operating profit through strengthening domestic and international digital channels, expanding global presence, and diversifying our portfolio.” They added, “We plan to further strengthen the continuously growing domestic and international digital channels and expand sales channel diversification and marketing in preparation for reopening.”

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