Novarex, Q2 Sales Up 44% and Operating Profit Up 103% 'Rebound'

Novarex recorded a 44% increase in sales and a 103% growth in operating profit in the second quarter compared to the first quarter of this year.

According to Novarex's business performance disclosure on the 13th, the consolidated sales for the second quarter of this year amounted to 81.7 billion KRW, and operating profit reached 7.3 billion KRW, showing increases in both sales and operating profit compared to the previous quarter.

Novarex analyzed that the expansion of new clients and the launch of new products were key factors contributing to the sales rebound in the second quarter.

Firstly, unlike the previous quarter when performance declined due to unstable overseas raw material supply that hindered order fulfillment, the second quarter saw normalization of supply, allowing the company to handle even the volume that could not be processed in the first quarter.

Additionally, the ultra-small health functional food formulation ‘MiLi’ released last year was launched this year in Nutricore Lutein Zeaxanthin 24mg, Cheonho&Care Daily Core Magnesium, Extreme Extreme All-in-One for Men, among others, which the company explained acted as a positive factor for performance improvement.

‘MiLi’ is planned to be additionally launched in more than 12 products during the third quarter.

Strong performance overseas also contributed to the improvement in results. From July last year to June this year, Novarex's export amount exceeded 50 million USD.

Novarex plans to tighten its export momentum by strengthening its sales capabilities in the Asian market while continuing the upward trend in overseas sales that has lasted for the past five years.

A Novarex official stated, “We plan to introduce within this year the first hair-related health functional food product containing the individually recognized ingredient ‘Gijangmil Extract Complex,’ which helps improve hair.” He added, “We will strive to overcome the limitations of the domestic market and achieve the highest-ever sales in the second half of the year through continuous expansion into overseas markets.”

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