[Edaily Reporter Park Jung-Soo ] WooGene B&G CO., Ltd(018620)announced on the 10th that, building on its stable performance, it will accelerate its research and development (R&D) efforts and expansion into new businesses in the second half of this year.
The company plans to focus its efforts in the second half of the year on securing future growth engines, including the advancement of veterinary pharmaceuticals, the launch of new high-value-added vaccines, and new biotech projects.
The company explained that it has recently taken steps toward responsible management and enhancing shareholder value, including the largest shareholder’s purchase of approximately 1 billion won worth of treasury stock on the open market and the completion of a stock split in May.
According to the Financial Supervisory Service’s electronic disclosure system, WooGene B&G CO., Ltd. remained profitable in the first quarter of this year, posting consolidated revenue of 14.3 billion won and an operating profit of 700 million won. Last year, its standalone operating profit also reached 2.2 billion won, a 100% increase from the previous year.
Improvements in its financial structure also continued. WooGene B&G CO., Ltd announced that it fully redeemed all remaining convertible bonds (CBs) in March, alleviating concerns about an overhang, and fully repaid the stock-backed loan of former CEO Kang Seok-jin, thereby reducing financial risks related to the largest shareholder.
Building on its financial stability, the company plans to enhance its corporate value in the second half of the year while expanding into new businesses.
A company official stated, “Building on our stable first-half performance, we will focus in the second half on securing future growth engines, such as new high-value-added vaccine products and new biotech projects,” adding, “We will continue to enhance shareholder value through sustainable growth.”