HLB Genex Achieves 35.4 Billion KRW Revenue, Driven by Strong Enzyme Demand

· Strategic integration with HLB Group and market recovery drive record-breaking sales growth.

 

HLB Genex achieves 35.4 billion KRW revenue, driven by strong enzyme demand. (IT Times)

Biomaterials specialist HLB Genex has posted record-breaking sales in 2024, reflecting the positive impact of its integration into HLB Group last October. The company reported a 31% year-on-year increase in consolidated revenue, reaching 35.429 billion KRW, with substantial improvements in profitability.

According to the company’s announcement on March 13th, operating losses shrank by over 80% year-on-year to 1.867 billion KRW, marking the best financial performance since its establishment. The surge in sales was largely driven by robust demand for industrial enzymes, particularly Catalase and Lactase, as well as the biomaterial Phytosphingosine. A resolution of external factors that had negatively impacted these products in the previous year played a key role in the turnaround.

Catalase sales saw notable growth, particularly in overseas markets such as Taiwan during the first half of the year, compensating for a sluggish domestic semiconductor sector. However, as South Korea’s semiconductor industry rebounded in the latter half, domestic demand for Catalase surged, resulting in an overall sales increase of more than 40% compared to last year. Similarly, Lactase sales bounced back in the second half, posting a 15% year-on-year growth.

HLB Genex’s subsidiary, GF Fermentech, also made a significant contribution to the company’s improved financials. Its flagship products, Phytosphingosine and Vitamin K2, recorded sales increases of 54% and 70%, respectively. The recovery of a key customer’s business boosted Phytosphingosine sales, while Vitamin K2 experienced rapid domestic market growth after being added to the Korea Food and Drug Administration’s Health Functional Food List in March last year.

"We expect even stronger performance in the coming year as the challenges that previously hindered our growth have been largely addressed," said Kim Do-yeon, CEO of HLB Genex. "We will continue to seek synergies in sales and business expansion through close collaboration with other HLB Group companies."

With the company’s sales momentum showing no signs of slowing, industry watchers will be keeping a close eye on HLB Genex’s next moves as it capitalizes on the recovering market and its growing product lineup.

Read more: https://www.ittimes.com/news/articleView.html?idxno=68034

HLB Genex Achieves 35.4 Billion KRW Revenue, Driven by Strong Enzyme Demand - IT타임스